The driving force behind corporations is to continually expand and be relevant. This driving force, in the form of various business strategies and goals, is at the core of every successful corporation. Corporate expansion is an understood concept. Expansion can be attained through three ways:
But expansion is not relevance. The business term of ‘relevance’ means that the corporation is generating revenue from new products or services that were introduced into the market. This result means that society has deemed that new innovation, and the corporation that produced it, to be relevant.
Relevant new innovation is crucial. Because it means that the innovation has been successfully monetized and that a new foundation has been laid for future corporate expansion. Sometimes the new innovation is so successful that it generates enough revenue to expand the corporation in the present. This is of course the best of both worlds.
But even when new innovation generates revenue, true profits can only be attained during the time periods that lie between when a new innovation is introduced and when it is duplicated or improved on by the competition. And with the pace of global innovation continuing to accelerate, these time periods are getting shorter and shorter. So, all corporations must be able to constantly produce not just new innovation but relevant new innovation in order to continue to be successful and expand.
But depending on the year and industry it is estimated that 70% - 95% of new products introduced every year fail. Also, around 97% of patents do not make any money either. This means that the vast majority of all new innovation produced is irrelevant. There are many tangible business reasons for these outcomes. Most of these reasons are concisely explained in this great Fast Company article on why innovation fails: fastcompany.com/3002768/ why-innovation-fails
But after going through all the tangible reasons for innovation failure, the article’s final take away is an intangible one: “In an age of unanswerable questions, asking the right question might just be the answer.” This is a profound insight and we feel, the correct one. Because questions are places in your mind where answers fit. But you can’t ever get the right answers if you’re not asking the right questions. So in essence, corporate expansion and relevance is dependent on the individuals on your corporate team, asking the right questions.
But the mind is a very complex entity. As explained in the Mind Model video, the mind components of the Self, Divergent Thought, Intuition and Emotion are all engaging for influence on what those questions should be. That is why our Thought Experiments Method leads the individuals on your team through this cognitive maze and gives them clarity and a skill set to be able to ask the right questions.
Here is a graph illustrating the steps of this process that achieve Corporate Expansion and Relevance: