It’s a sobering thought that, according to Scott D. Anthony, less than one percent of ideas launched by big companies have any real impact.
Anthony recently talked to Mind Tools about his new book, The First Mile, in which he shares lessons from his many years of experience as an innovation adviser and investor.
In it, he offers a straightforward process for nurturing your idea through the perilous early stages, when so many promising concepts fail.
One of his key messages is to make sure that you don’t mistake uncertainty for fact, or projected high performance for actual success. In other words, keep your head focused on reality for the whole of the “first mile.”
In this audio clip from our Expert Interview, Anthony explains the best way of using planning and evaluation tools such as financial forecasts.
If you’re taking a new idea from paper to market, you’ll get a lot from Anthony’s book. You can hear him talk about his “first mile” experiences in our Expert Interview podcast.
Question: What challenges have you encountered when moving forward with a new idea? How do you stay on track and make sure it succeeds in the market?