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THE INNOVATION RABBIT HOLE
Engineers, innovators and creative people are the most precious resource in any business - without them new revenue streams are not generated.
But all too often, those same creative people can get blinded by their own ideas, and without formal processes in place, the business can continue with development projects that will result in sub-optimal or even negative ROI.
Steve Jobs once said "Sometimes when you innovate, you make mistakes. It is best to admit them quickly, and get on with improving your other innovations.". This of course sounds obvious, but often difficult to action.
Because as soon as a business starts investing in a project, that investment becomes an asset and in order to cancel the project it would mean writing off the asset. This gets exponentially worse the longer the project continues. Add to this the lost opportunity cost and it becomes a critical business decision.
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