Business leaders need to understand that experimentation – even if it results in temporary failure – is far more valuable than simply waiting for the next great idea to appear, says Annie Parker, co-founder of Telstra-backed start-up accelerator muru-D.
“Figure out what problems you’re trying to solve first,” is Parker’s advice to any large business looking to engage in innovation. “It’s redefining that failure isn’t a bad thing. Failure is what helps you learn to infer what the next right step is.”
It’s redefining that failure isn’t a bad thing – failure is what helps you learn to infer what the next right step is.– Annie Parker, co-founder, muru-D
If you’re not engaging with all parts of the value chain then you’re potentially missing out on some awesome ideas.
There are two things happening at once. First, recognition that innovation can happen across your entire organisation, and also that the tools and barriers to entry for innovation to happen have just been significantly reduced.
My advice to any corporate or large businesses looking at how to engage in innovation is, “Figure out what problem you’re trying to solve first. Are you doing this because you want a new product to sell to your customers or to keep the customers you already have?”
It’s addictive because you can see the potential.
If we all accept the basic premise that if we all contribute towards the health of the ecosystem, we all get to win, then everybody wants to help because everybody gets something out of it at the end of the day.
If we can start to get senior leaders to understand that actually getting their organisations to try new things, to experiment, to do something different and that yes, OK, there will be some things that don’t work, but as long as you learn from that, you will learn a whole heap more than if you were just carrying on doing the same thing and hoping for the next innovative idea to come up.
Everyone’s learning as they go. That’s the whole definition of entrepreneurialism, that you’re experimenting and trying new things.
It’s redefining that failure isn’t a bad thing – failure is what helps you learn to infer what the next right step is.