Only one in ten new products succeed. That’s only a 10% success rate! What if only 10% of the hires you made worked out? What if your financial reports were only accurate 10% of the time? What if your local pizza joint only got your pizza right 10% of the time? You’d find a different place to buy a pizza wouldn’t you? Nine out of ten new products fail because the ideation process that the majority of companies and organizations use is broken.
In their book, “Lightning in a Bottle: The Proven System to Create New Ideas and Products that Work,” authors David Minter and Michael Reid detail why current ideation tools fail and provide a proven 7 step system that you can follow to better ideas. Below are the top 10 reasons they’ve identified why most ideas fail:
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