Key Points on Innovation from Peter Drucker

Creating Your Tomorrow - 4 Questions from Peter Drucker

1. What do you have to abandon to create room for innovation?

2. Do you systemactically seek opportunities?

3. Do you use a disciplined process for converting ideas into practical solutions?

4. Does your innovation strategy will work well with your business strategy?

What Do You Have to Abandon to Create Room for Innovation?

1. If you weren't in this business today, would you invest the resources to create it? 

2. What unconscious assumptions might constrain your business practices and limit your innovative thinking? 

3. Are your highest-achieving people assigned to innovative opportunities?  Or are they merely working on yesterday's problems and yesterday's products? 

Do You Systematically Seek Opportunities?

1. Do you continually look for opportunities as if your survival depended upon it?

2. Are you looking at the seven key sources of opportunities?

• The unexpected
• Industry and market disparties
• Process vulnerabilities
• Incongruities
• Demographic shifts 
• Change in perceptions
• New knowledge

Do You Use a Disciplined Process for Converting Ideas into Practical Solutions? 

1. Do you brainstorm effectively? Do ideas and opportunites get put on table for consideration? 

2. Do you match up ideas with opportunity? 

3. Do you test and refine ideas - by fine-tuning them based on the market response? 

4. Do you deliver the results by allocating the right resources, creating customers one by one, and monitoring progress with external barometers? 

Does Your Innovation Strategy Work with Your Business Strategy? 

1.  What's your company's target role or influences in defining the new markets? What's the scope of your offering to this market? 

2. How does your portfolio of opportunities fit with your business strategy? 

3. Are you allocating resources where you should be making bets? 

Excerpt from  《THE DEFINITIVE DRUCKER》