Innovation: Simplistically, innovation has been defined as a creative solution to the problem. However, innovation is 1) Identification of the problem and 2) Definition of the problem. The solution to the problem will occur once the first two steps are complete. An creative person has to be agnostic to the solution and technology since the defined problem will suggest the solution. However, it requires that the solver be close as possible to understanding the problem and understand it fully with all the complexities.
Innovation measurement: The true criterion of success of solved problem is commercial success.
Problems and innovation: A single minded focus on problem is required to solve it. However, not every problem needs to be solved and there are some attributes of problems that make it viable solution.
Which problems to focus on:
- 1.Commercially important: Once proven as commercially important, it naturally affects many entities and people.
- 2.Match skill set: Work on problems that match your skill set and you will make an impact.
- 3.How many people it affects: Solve problems that affect many people instead of working on the rare issues.
- 4.Select problems that are poorly managed. Less frequented road is always better.
- 5.When selecting some minor problems, select adjacent areas that are bigger
- 6.Use medical literature, published facts as a guide – have a healthy skepticism to allow your thought process to question some norms.
- 7.Delve into multiple problems. Some may be solved and others not. Not every problem yields its secrets.
- 8.A problem is not solved unless someone is willing to pay for it. – Acid test of problem selection.
Commercial success: Realize that money is the by product. Similarly “helping people” often used as a goal, is really the by-product of solving problems.
