From the course: Balancing Innovation and Risk
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Define a smart risk
- What constitutes a smart risk in your organization? Are people clear about what a smart versus a foolish risk looks like? Without an explicit definition, it's unlikely that employees are brave enough to conduct the kind of experiments that lead to innovation. To help teams get comfortable with experimentation, failure, and innovation, try an exercise known as define a smart risk. Simply use your answers to these five questions to determine your company's level of risk tolerance. Number one, what's the right size for an innovation team in our company? No matter how big your company is, it's important to keep costs low when exploring unproven ideas. Consider following Amazon's lead. When exploring experimental ideas, the company still only devotes two pizza teams; the number of pies it takes to feed four to six people. Number two, what's the time horizon before we decide whether to shelve an innovation project or invest…
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