Road to innovation

Can one innovate without deep understanding of the environment and internal capabilities? Of course. Many such ventures go out of business because their rate of learning is lower than their rate of burning capital.

Succeeding with innovation depends on understanding both the broader picture as well as narrow or niche segment. Understanding external factors—e.g. political, economic, social, technological, social, and legal—allows us to better align and use our internal capabilities and resources.

After all, our businesses do not exist in a vacuum. What is innovative today might be considered obsolete tomorrow. Better to know that in advance than learn it too late.