The Innovator's Hypothesis: How Cheap Experiments Are Worth More than Good Ideas, vol 1

Michael Schrage ()
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Michael Schrage: MIT Sloan School of Management’s Initiative on the Digital Economy

in MIT Press Books from The MIT Press

Abstract: What is the best way for a company to innovate? Advice recommending “innovation vacations†and the luxury of failure may be wonderful for organizations with time to spend and money to waste. The Innovator’s Hypothesis addresses the innovation priorities of companies that live in the real world of limits. Michael Schrage advocates a cultural and strategic shift: small teams, collaboratively—and competitively—crafting business experiments that make top management sit up and take notice. He introduces the 5x5 framework: giving diverse teams of five people up to five days to come up with portfolios of five business experiments costing no more than $5,000 each and taking no longer than five weeks to run. Successful 5x5s, Schrage shows, make people more effective innovators, and more effective innovators mean more effective innovations.

Keywords: business innovation; business management (search for similar items in EconPapers)
JEL-codes: D80 M13 M54 O30 (search for similar items in EconPapers)
Date: 2014
Edition: 1
ISBN: 0-262-02836-0
References: Add references at CitEc
Citations: View citations in EconPapers (2)

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