Every year, some of the top magazines release their top inventions lists, touting some of the coolest and most innovative inventions to be released. The most recent list to be published was Time. The list was rather comprehensive, with inventions coming from all sorts of verticals including Sports & Fitness, CPG, Apparel, Beauty, Auto, Electronics, and even Space Travel. National Geographic, Popular Science, CBS News and Money Inc. Magazines have similar lists.
Have you been featured on one of these lists? If your company was lucky enough to be featured – congratulations! If not, we should probably sit down and have “the talk.”
You’ve probably heard this statistic, or one similar: Only 12% of Fortune 500 firms from 1955 remained by 2016. Almost 9 of every 10 Fortune 500 brands from that era are gone, merged, or declined to the point they were no longer considered part of the elite. Looking ahead six decades, it’s safe to assume that few of today’s Fortune 500 will remain as currently constructed.
This constant turnover attests to the importance of true product innovation (versus commercial, service, or business model innovation). You don’t have to be a member of the Fortune 500, 1000, or even 10,000 (is that a real list? If not, someone should make it) to take this lesson to heart: Invent or die. Okay, you probably won’t die… but the consequences for your business won’t be pretty.
Is your newest competitor on this list? Did Amazon and Google have Jibo on their radar? Was L’Oréal prepared for the splash made by Fenty Beauty? In today’s dynamic market, your next competitor is an invention away. And thanks to the many platforms democratizing creation, “away” isn’t years or millions in R&D, it’s someone like you or me with a great idea and a smartphone.
Assuming there were no mistakes, let’s consider why you didn’t make this year’s list. You’re smart and creative. Your company highly prioritizes and funds innovation. What’s missing? Some of the more common hurdles to successfully bringing inventions to market include:
- Solving the right problems: What sorts of products do people wish existed? Most companies don’t have a visionary like Steve Jobs or Henry Ford at the helm, capable of inventing products people didn’t even know they needed. Are you positioned to find the white space?
- Filling the funnel: Successful innovation relies on understanding basic math. The more quality concepts you begin with, the higher your success rate will be as you move through the evaluation and development process.
- Product Validation: You’ve got a robust pipeline of concepts, but how do you prioritize and validate which ones to move forward with? Are you suffering from too-many-good-idea-paralysis?
Brands should be inspired by the products and companies on this list and motivated by the fact it’s not them. What else is standing in the way?