When does Innovation happen?

1. Innovation happens at the edges
Innovation happens where two concepts meet. For e.g. demand for mobile access to libraries is both met with Bookmobile – a large van designed for use as a library in villages and suburbs without libraries OR e-book readers like Kindle which enable mobile access to books.

2. Innovation happens when disbelief meets resolve
Thomas Alva Edison, holder of 1093 patents, responding to repeated failures in developing a storage battery “I have not failed, I’ve just found 10,000 ways that won’t work”. Edison also said “Genius is one percent inspiration, ninety-nine percent perspiration”.
Fierce resolve to meet a worthwhile market need in face of widespread disbelief is key to successful innovation.

3. Asking the killer innovation questions
In typical Socratic style asking and answering the killer innovation questions applied to any product or service can lead to successful innovation.

4. Applying the 5 Da Vinci Principles of Curiosita (continuous learning), Dimonstratzione (learn from mistakes), Sfumato (embrace paradoxes), Arte/ Scienza (balance of logic and imagination), Corporalita (fitness and poise) and Connessione (interconnectedness).

5. At the horizon where sky high ambitions meet ground realities
President JFK inspired a nation to work together to put a man on the moon. The X Prize Foundation after the successful Ansari X Prize has launched several additional X Prizes targeted towards automotive design, lunar landing and genomics.

Innovation metrics need to be measured and tracked to improve innovation productivity and generate return on investment.

What do you think? What else triggers innovation?

Collection of Investing Mantras

"In my whole life, I have known no wise people who didn't read all the time - none, zero. You'd be amazed at how much Warren (Buffett) reads - at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out." - Charlie Munger

----------------------------------------------------------------------------------

"People who habitually purchase common stocks at more than about 20 times their average earnings are likely to lose considerable money in the long run." - Benjamin Graham & David Dodd

----------------------------------------------------------------------------------

"Draw a circle around the businesses you understand and then eliminate those that fail to qualify on the basis of value, good management, and limited exposure to hard times." - Warren Buffett

----------------------------------------------------------------------------------

In evaluating people, you look for three qualities: integrity, intelligence, and energy. If you don't have the first, the other two will kill you." - Warren Buffett