Author Archives: Yoram Solomon

How Behavioral Economics is Killing Innovation

When my daughter Maya was in middle school, she decided to repeat a behavioral economics experiment featured in Dan Ariely’s book Predictably Irrational for her science project. In her experiment, she offered participants from the control group two options. Facebook access, she suggested, was going to cost money. It would cost $5 a month to access Facebook through your phone only, and ...

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How a Shortage of Innovation Leads to Unemployment

Some believe that robots will take over all our jobs and therefore innovation (specifically in the area of robots) will cause unemployment. But in reality, it’s the other way around. You may be familiar with the product life cycle diagram. Every product (and when I say “product” I also include service, process, or business model) has a life cycle, typically ...

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The Unintended Consequences of IoT (Internet of Things) Deployment

Three of the most hyped technologies in recent years include Blockchain, Artificial Intelligence (AI), and Internet of Thing (IoT). And how do I know that they are hyped? Because in August 2018, Gartner published its latest hype cycle report for emerging technologies, putting IoT barely past the “peak of inflated expectations” (that’s when we believe the technology can do everything, ...

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Simple Formula That Explains Why Anyone Would Buy Your Invention

The following is taken from a course that I developed and currently teach at the Cox Graduate School of Business at the Southern Methodist University (SMU) in Dallas, Texas, named “Evaluating Entrepreneurial Opportunities” (CISB 6226) The subject of this article is the million (or 10 million, or 100 million, or a billion ) dollar question. Why would my target market ...

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What you need is a Chief Culture Officer

Peter Drucker said that– business has two–and only two–basic functions: marketing and innovation. Well, your company probably already has a Chief Marketing Officer (CMO), and most likely a Chief Innovation Officer (CINO, to distinguish from your Chief Information Officer, CIO). So you have both Druckerian functions covered.   You may also have a Chief Strategy Officer (CSO). I served as ...

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The Hiring Mistake That Would Kill Your Company’s Innovation Culture

The growth stage of a startup is scary and painful. With perfectly good intentions, founders make this mistake, that may lead to the company’s failure. When a startup is born, its founders are the creators of everything. They are the ones responsible for product (or service) development, for initial marketing and sales, and everything else that’s needed. They get their hands real dirty. When they ...

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You Don’t Have an Innovation Problem, You Have a Trust Problem! (Part 3)

In the first part of this article mini-series I demonstrated, based on my original research, that for innovation to exist, you must be able to create a culture of innovation, first. A culture of innovation exists when leaders give their employees autonomy, employees show accountability and are willing to try things (even if it means that they might fail), and ...

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The Biggest Leadership Failure that Kills Innovation

When I conducted my doctoral research between 2008 and 2010, I found that autonomy was the strongest single factor that companies and leaders control, that would positively affect employee creativity, and therefore company innovation. The opposite, bureaucracy, was found to be the strongest single factor within the company and leader’s control that would negatively affect those. In fact, the logo ...

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