I love the simplicity and elegance of this equation…
Innovation = Creativity x Execution
I first read about this in Scott Belsky’s “Making Ideas Happen ,” then again recently in an HBR article (Innovation is Not Creativity). You can have the greatest idea in the world, but if you and your team can’t bring it to market, all you have is a pretty powerpoint deck and nothing else. Likewise, if you have a semi-decent idea, and you rock out execution, you’re actually innovating.
I think this equation can be really motivating for indivuduals and small to medium firms. The downside of this, at least for large established CPG companies, is that they’re really good at executing half-baked ideas. According to Doblin, an innovation consultancy, only 4% of new innovations are successful (Doblin 2006).