The French have a saying, “La Rentrée” - when August turns to September and summer vacations have come to an end. It’s time to get back to work, refreshed and motivated for the new season. We’re launching into September with the Myutiq Word Game, where we explore innovation in multiple ways through the use of words.
And, in the spirit of “La Rentrée” we here at Myutiq thought it would be fitting to choose a word that is – hopefully – less known and a little bit challenging. Let us know what you think about our selection.
Today’s Word: Scotoma (sco·to·ma [skoh-toh-muh])
Word Thoughts: In day-to-day living, the concept of the scotoma is important. We naturally filter what we focus on and pay attention to – especially in this world of information overload. Unfortunately, when it comes to operating a business, blindspots can prevent us from seeing changing market dynamics that have significant implications for the growth or demise of our business model.
Nicolas Negroponte, the Founding Director of MIT Media Lab said it best:
“Sometimes looking straight ahead – even with the most dedicated attention and seasoned experience – just misses both the big picture and the new ideas, because they often come at you from left field…success can be your worst enemy.”
When you think about innovation as seizing new opportunities and anticipating the future before anyone else, you can see how important it is to constantly monitor and assess what’s happening – within your industry, and in the world around you.
That is what Steve Jobs was doing when Apple created the iPod. He saw the dramatic changes happening in the music industry and the advent of mp3. He capitalized on this convergence in an entirely new way.
It’s a trait of Innovation Leaders to anticipate the future – and integrate this function into the way they think about – and operate their business.
Word Game Exercise: We have a multitude of changing market dynamics spinning around us today. The challenges shaking up industries are almost too numerous to mention. We can start with automotive, energy, health care, housing, and manufacturing, and then keep going. In addition, there’s the latest market news: The European Debt Crisis, the Google-Motorola Deal, and the nascent daily deals industry, led by Groupon and LivingSocial. There is enormous complexity in the potential impacts of each of these – complexity that is creating new opportunities and threats even as you read this post.
Spend a few minutes thinking about unexpected changes that would dramatically impact your business: a new competitor eliminates the need for your product or service; a new technology or software replaces your key function; your largest customer goes bankrupt. What if the thing you know couldn’t happen does? What would you do differently today?