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Functional fixedness bias, and how to overcome it

Idea to Value

The classic example proving the bias is called the “candle problem”, where a participant is given a candle a box of thumb tacks, and a box of matches to light the candle, and asked to fix the candle to a nearby cork board so that it can be lit. These experiments were then further verified with more participants in 1952.

How To 283
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Balancing your innovation portfolio: Does the 70-20-10 rule still apply?

Idea to Value

One of industry standard answers comes from research by Deloitte Partners Bansi Nagji and Geoff Tuff, in their groundbreaking 2012 article in Harvard Business Review: Managing your innovation portfolio. But what does a well-balanced innovation portfolio look like? So what is the best new ratio for companies.

Project 284
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Trust the Customers, Not the Experts

Destination Innovation

Originally Trunkis were made in China but in 2012 Rob Law set up a factory in Plymouth. Over 3 million have been sold in some 100 countries around the world. He observed that parents saw the ride-on suitcase as a cute container but children saw it as a friend. He now employs 80 people in Plymouth and in his office in Bristol.

Design 316
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Creative Process: 5 stages which ideas go through

Idea to Value

For example, sometimes several rounds of preparation (information gathering and problem definition) will be required. Therefore, it often takes months or years to not only gather information about a challenge, but to understand it in a way that the actual core challenge can be articulated in the mind for which a solution is required.

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First-Mover or Fast-Follower: Which is the right innovation strategy for you?

Idea to Value

It is a classic example of survivorship bias. So while the pioneers which enter a market have an extremely high failure rate, those which do succeed can benefit from higher profitability and market share for a while. There are proponents of both camps.

Strategy 257
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How much luck do you need to be creative?

Idea to Value

Ironically, when people look for information on what it takes to be successful, they will undoubtedly look to examples from successful people. However, in the 200m butterfly in London 2012, Phelps was beaten by South Africa’s Chad Le Clos by just five one-hundredths of a second. This is luck. Lucky in one race, unlucky in another.

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The Universality of Leadership: Challenging Industry-Specific Biases

Tullio Siragusa

Example: Alan Mulally, former CEO of Ford, originally hailed from Boeing, a completely different industry. By 2012, Ford reported a $5.7 Example: Oprah Winfrey has displayed high emotional intelligence throughout her career, which began in television and expanded to include various other ventures.