These days we are under a constant barrage of innovative solutions to every possible problem we may have. Each of these innovations is the result of some team that has been chartered to come up with something that will sell. The objective for these innovation teams need to more than just any run of the mill innovation but to set the bar of finding and launching killer innovations. Otherwise, we are in the business of adding one more item to the pile.
Given that innovation is the buzzword bingo term of the decade, it seems everyone is trying to find the magic formula to creating the next great thing. The result is a flood of ideas and innovations being thrown around like they are manna from heaven. The result is massive overload of products, technologies and services that cause confusion for the intended customer.
Just look back to the automobile industry when it was the “hot innovation” at the time. In 1904, there were 195 different cars put out by 60 companies. Over the next 10 years, 531 companies where launched and 346 perished. By 1923, only 108 car makers remained. The number dropped to 44 car manufactures in place by 1927. How many are around today?
You could argue we are seeing the same thing today across a number of areas including mobile applications, social networking, geo location services, couponing, etc. If history is a predictor of the future, then we will see a large number of companies try and fail.
So what are you doing to make sure you're one of the few winners?