We share this article by Brian Millar because we really like the concepts of pivoting and repurposing – they make innovation more accessible to anyone – not just start-ups and creative geniuses.

Considering the failure rate of new products (about 70%), innovation makes or breaks companies, big and small. Drawing on Twitter, Groupon and Paypal’s road to success, the Fast Company article 5 Ways Big Companies Can Pivot Like Lean Startups offers pivoting as a concept for stimulating innovation in big companies.

Pivoting means repurposing ideas, prototypes, products or technology to meet an unmet need. And, to be successful at it, five concepts are introduced:

• Force innovations to evolve rather than die
• Gain insight into what consumers want
• Play with technology – don’t test it – to uncover its purpose
• Tell the right stories
• Your company is also a prototype

Read it.

Think about it – what’s tripping up your organization? Stage gates? Too much of the wrong research? Not enough playing, prototyping, looking wide?

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