Course Correction

No innovative idea can be perfect when it is conceived. It has to be refined and perfected on the run. The only certainty in this endeavour is uncertainty. More than 80% of germinal, out of the box, ventures start off by following the wrong strategy. Like a kite adjusting to gusty winds, adjustments have to be made, based on customer feedback. Some companies spend so much time working on the ‘perfect’ product in their laboratories that all their funding runs out. Others find that the ‘perfect’ moment for the launch never comes. e-bay started with almost nothing. As Mag Whitman, CEO, e-bay put it: ‘Its better to put something out there, and see the reaction and fix it on the fly…….we are better off spending six days in the lab, putting it out there, getting feedback and then evolving it…….’ Ideas shaped in the market, in response to changing customer aspirations and fashions are very difficult to copy because of their dynamic changing character. The best time to do this is of course when everything is going really well. Organizational energy is high and innovation is like a kite we fly just because we are in high spirits and want to know if we can be even better than the best.