Three authors writing in the MIT Sloan Management review claim to have uncovered 5 ‘myths of innovation’. In brief they are:
1. The Eureka Moment. Many people think that innovation is based on a blinding flash of inspiration but the truth is more prosaic. Innovation is 5% inspiration and 95% perspiration. Most companies have plenty of good ideas but have poor processes for evaluating and developing the best ideas.
2. Build it and they will come. The proliferation of Web 2.0 and social media has misled people, the authors argue, into believing that social networks will transform the way we innovate at work. ‘Smart companies are selective in their use of online forums for innovation.’
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