Repurposing Failed Innovation

First, let me give credit where it is due: http://twitter.com/Brioneja put me onto this article.

Read this short but sweet article at BusinessWeek .com: “How to Repurpose Failed Innovation” about  what businesses can do to generate new revenue from failed first-tries.

Every business has these failed items sitting around. They’ve sunk money into them but they’re doing nothing. This article gives 4 good ideas to get you thinking about using these dormant investments.

And, I’ll broaden the subject matter a little for you: Don’t just read the article with that one failed start-up idea in mind. You might have half-completed ebooks, a blog that has collected dust, a bunch of employee manuals in the closet that haven’t been read in years, a website that you’ve been renewing for years even though it doesn’t actually go anywhere, and a file called “Miscellaneous Ideas for a Rainy Day” that you add to from time to time.

Here’s what I would advise: List the names and/or nuggets of ideas in one big list. Then, right beside each one, start thinking about how you can pull out the difibrillators and revive them to turn them into something that will either earn more revenue or strengthen your current position with customers.

This is a valuable activity you can perform during the Innovation stage of the Business Diamond Framework™.

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