The Tandy Center for Executive Education and Leadership Presents

The Three Great Myths of InnovationDr. Ray Smilor

Senior Fellow, CFE

Innovation: Any change that results in a new dimension of performance.

Peter Drucker

Myth #1

Great innovations come from ideas that no one ever thought about before.

Reality

Bisociation

The Power of Combination

Company Innovations:

The Power of Combination

Marketing Innovations:

Beaver/Tires Bridgestone

Betty White/FootballSnickers

Gecko Geico

The Power of Combination

Product Innovations:

The Power of Combination

“Imagination is more important than knowledge.”

Albert Einstein

Forced Relationships

•To view world differently•To enhance imagination

Myth #2

Great innovations spring forth fully

developed in a sudden Eureka moment.

Realities

Trial & Error

Forms of Trail & Error

Forms of Trail & Error

By recognizing creative accidents

“What did you discover that you didn’t set out to discover?” Richard Feynman

Key: Level of curiosity

Forms of Trail & Error

By breaking accepted rules

“There are no rules here. We are trying to accomplish something.”

Thomas Edison

Key: An open mind

Myth #3

Great innovations come from chaotic, even haphazard environments.

Reality

Structure

The Forms of Structure

Policies/Procedures

Separate Organization

Deadlines

The Results of Structure

Caesar Salad Apollo 13

Innovation:

Combinations

Trial and ErrorMistakesAccidentsBreaking Rules

StructurePoliciesOrganizationDeadlines

CompaniesMarketingProducts

CHANGE

Performance!