As the cost of building and launching new products has plummeted, there's been a worldwide explosion in the number of new products created each year. Customers today have many more choices and the barriers to switching are at an all time low.
This is happening across every industry, and this shift dramatically impacts how you build your innovation portfolio.
Are You Ready?
Finding the next big idea is no longer about running long incubation cycles on a few big bets. It's about rapid iteration on many small bets.
Speed of learning is the new unfair advantage.
But this is more easily said than done, because going fast under conditions of extreme uncertainty breaks the traditional innovation funnel.
The New Rules
Winning in the new world requires a rethinking of the traditional innovation funnel. Meet the Continuous Innovation funnel.
1. Lightweight Business Modeling vs. Heavyweight Business Planning
2. Traction-first versus Build-first
3. Systematic versus Unstructured