Page 59 - Free the Idea Monkey

THE INNOVATION FORMULA: LONG VERSION
There are three ingredients to successful innovation.
First, there must be a need or an insight. What problem does this

idea solve? Is the problem important enough and big enough to elicit
action and result in the required amount of cash flow? Have you
identified the precise needs you’re fulfilling? Often a new product or
service can fill many needs. You want to focus on the precise (big-
gest, most pressing) one.

Next (not first), you need the idea. What product, service or busi-
ness model fixes the problem in an efficient, novel and proprietary
way? You’re likely not the first person to notice this challenge. How
have existing ideas failed to hit the mark?

Finally, once you have the insight and idea, it is time to create
the communication that connects the insight with your idea.

Remember, a great idea poorly communicated is as
ineffective as a lousy idea brilliantly communicated.

The wheel was not man’s first innovation. Several significant inventions predated the wheel by

44 CHANNELING THE MONKEY