Big innovation needs ‘Big Data’ - FT.com

‘Big data’ is all the rage, and for good reason. Companies need to sort through tons of it to understand what products their customers really want, and what they will buy. After all, their future depends on it. Yet, in spite of vast amounts of market intelligence and virtually unlimited information, how well do companies really know their customer? In a world where, according to the Association of Product Management and product Marketing, more than 50 per cent of new technology products that enter the market fail, and roughly 75 per cent of consumer packaged goods and retail products fail to earn even $7.5m during their first year, we are clearly not doing a good job putting this data to work.

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How to Tell Your Story for Impact - A Great Lecture on Communication and Presentation - JD Schramm - Stanford University

JD Schramm, Stanford Graduate School of Management has a reassuring message for anyone ? and that includes just about everyone, really -- who frets over the prospect of public speaking. "The beautiful thing about communication is that it is part art and part science," he told a recent gathering at the Stanford Graduate School of Business. While some people are naturally gifted storytellers, "there are strategies that each of us can employ to work for us." Schramm, a lecturer in organizational behavior who also directs the business school's Mastery in Communication Initiative, gave advice to a dozen of the school's alumni in advance of an Oct. 20 celebration of the school's commitment to developing leaders who can address the social and environmental issues of their times. For the occasion, the school's Center for Social Innovation and its 40-year-old Public Management Program have asked alumni social innovators to participate in "Class Notes Live" sessions. The participants in Schramm's workshop are among a larger group who will tell, in just four minutes each, their personal stories of impact. Schramm's job was to get them ready. His first piece of advice:

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The Business Case for Reading Novels - Anne Kreamer - Harvard Business Review

I've been a devoted, even fanatical reader of fiction my whole life, but sometimes I feel like I'm wasting time if I spend an evening immersed in Lee Child's newest thriller, or re-reading The Great Gatsby. Shouldn't I be plowing through my in-box? Or getting the hang of some new productivity app? Or catching up on my back issues of The Economist? That slight feeling of self-indulgence that haunts me when I'm reading fake stories about fake people is what made me so grateful to stumble on a piece in Scientific American Mind by cognitive psychologist Keith Oatley extolling the practical benefits to be derived particularly from consuming fiction.

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Don't let market research myopia distract you from innovation - Jim Clemmer - Innovation Tools

Customer and market research, competitive benchmarking, and focusing on market share could be detrimental to your organization's future performance. These approaches are critical improvement tools. Top performing organizations have turned them into a disciplined and useful science. But they can also lead to "me-too" followership or - even worse - commodity products and services that compete only on price.

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Why large firms are often more inventive than small ones - Schumpeter: The Economist

SOME people say it is neither big nor clever to drink. Viz, a British comic, settled that debate with a letter from a reader who said: “I drink 15 pints a day, I’m 6 foot 3 inches tall and a professor of theoretical physics.” However, another question about size and cleverness has yet to be resolved. Are big companies the best catalysts of innovation, or are small ones better? Joseph Schumpeter, after whom this column is named, argued both sides of the case. In 1909 he said that small companies were more inventive. In 1942 he reversed himself. Big firms have more incentive to invest in new products, he decided, because they can sell them to more people and reap greater rewards more quickly. In a competitive market, inventions are quickly imitated, so a small inventor’s investment often fails to pay off. These days the second Schumpeter is out of fashion: people assume that little start-ups are creative and big firms are slow and bureaucratic. But that is a gross oversimplification, says Michael Mandel of the Progressive Policy Institute, a think-tank. In a new report on “scale and innovation”, he concludes that today’s economy favours big companies over small ones.

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