“Any idea you can think of for a new product, I guarantee you that somewhere in the world there’s six other people thinking of the same thing.”

If those words from L.E.K. Consulting vice chair Stuart Jackson come as something of a reality check, consider also the challenges involved in achieving superior functionality to existing offerings, defining a market, and gaining those consumers’ trust. And that’s not to mention the incumbent channels, suppliers and even parts of your own organisation that will be “trying to find ways to preserve the current order of things”.

It’s little wonder then that the failure rate for new products is so high. Fortunately, however, there are steps you can take, as Jackson and co-author Ilya Trakhtenberg write in their new book Predictable Winners, to “systematically identify and retire risk at each step of the innovation journey”.

This week's guest on Leadership Lessons, Jackson offers listeners advice on doing just that. He also talks about the pitfalls of sticking to incremental innovation, the role of leadership mindset, and where to find the 'low-cost signals' that can offer clues as to what would-be customers really want.

*This episode was recorded on 22nd April.

Credits:

Producer: Inga Marsden

Presenter: Antonia Garrett Peel

Artwork: David Robinson

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