As you may have heard, crowd-sourced product developer Quirky has filed for bankruptcy, claiming its business model had scalability challenges (code word for losing money). Quirky did achieve success by some measures, including $185 Million raised, over 400 products launched, over $100 Million in revenue, a connected-home spin-off (Wink) and several corporate partnerships with the likes of GE, Mattel and
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Companies realize that they don’t innovate – their employees innovate. Companies are thus earnestly preaching: ‘Innovation is everyone’s job”! While the employees themselves want to become more innovative and entrepreneurial, they face five major structural inhibitors in attempting to do so (that only the most gifted, networked and experienced corporate entrepreneurs can overcome – unfortunately, there aren’t enough of them
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This essay covers the dilemma of making a timely decision while considering enough options for the essence of your business concept. If you are in the early stages of a new venture, I can only hope you find yourself in a roller coaster, land of confusion – too much certainty at the onset would personally make me nervous. “What’s the
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Necrophone 