Competition is more intense that ever because of the global economy, including the spread of disruptive new Internet technologies and business models.
To thrive in this hyper-competitive environment, you most innovate more and faster.
Google Inc. may be the highest-profile example of this new philosophy. It launches product after product, more than 100 in the past five years. Marissa Mayer, who helps guide the company's innovations, says Google wants to try new things and see what resonates with its users. The approach, says Mayer, "frees you from fear."
Here's how they do it:
Find new ways to spot hits: Try new methods to bridge the gap between what technology has come up with and what consumers will want to buy.
Launch with agile teams: Begin new initiatives with small teams and build 'fences' around them so they won't get tangled in red tap.
Break your unwritten rules: It's the invisible ties that slow down innovation, dummy. Breaking through those bonds is tough. Try brainstorming away from the office with outsiders who are able to provoke fresh thinking.
Outsource tasks to specialists: Outsourcers don't just do things more cheaply; they do them better and faster.
When you have it right, repeat: Once a new product or business process has succeeded in the market, don't reinvent the wheel. Look for ways to use the same technology or business model again and again in other markets or applications.
Source: BusinessWeek, March 27, 2006