Innovation Strategy 101: Finding Your Opportunities

Stop chasing the latest tech trends. Why the most successful innovations come from paying attention to what's already happening around you that your competitors miss.

Peter Drucker's Innovation and Entrepreneurship transformed how I approached building my business in 2017.

At a time when its so easy to be distracted by the latest fads, I find his strategies more relevant today than before.

Drucker’s breakthrough insight:

Innovation isn't about cutting-edge technology or huge investments. It's about systematically spotting opportunities that already exist around you - opportunities your competitors are missing.

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Here are Drucker’s seven sources of innovation that have influenced my approach to building my legal practice as well as how I help clients design and implement an innovation strategy:

1. When things don't go as planned, goldmines appear.
   Post-it Notes emerged from 3M's "failed" adhesive that wasn't strong enough. Penicillin was discovered as a result of contaminated bacterial cultures.

2. Look for gaps between customer expectations and what industries deliver.
   Dollar Shave Club disrupted the shaving industry by questioning why razors cost so much. IKEA’s success is built on customers willing to assemble furniture for lower prices.

3. Innovation can sometimes be as simple as connecting dots others miss.
   PayPal served as the missing payment link in online transactions. DocuSign was one of the first companies to create the tools that underpin digital document workflows.

4. Companies that adapt quickly to changes in industry or technology are better positioned to win.
   Uber exploited deregulation and smartphones to disrupt taxi monopolies. Amazon evolved from selling books to selling everything direct to customers, facilitated by internet growth.

5. Tomorrow’s customers are visible today - if you are watching.
   Robinhood caters to millennials who wanted mobile-first, commission-free investing. Duolingo tapped into a global population of digital natives who want to learn languages online.

6. Position ahead of shifting attitudes, not after.
   Patagonia built its brand around environmental consciousness before sustainability became mainstream. Whole Foods transformed organic food from niche to premium health choice.

7. Magic happens when different fields of knowledge converge.
   SpaceX combined rocket science, manufacturing, and software to revolutionize space travel. Moderna applied decades of mRNA research to rapidly develop COVID vaccines.

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Most entrepreneurs look for opportunities in all the wrong places: chasing new technology or waiting for breakthrough moments.

Drucker's insights highlight how innovation rarely comes from the latest fads - rather opportunities often missed.

If you are looking to innovate or adapt, review these sources of innovation and identify where it might apply to your industry.

Your next breakthrough may be closer than you think.