Last month, we discussed why IT organization need to build an innovation practice. The premise of experimentation affords the opportunity to couple disruptive technologies like machine learning, biometrics, natural language processing and virtual/augmented reality with the potential to generate tangible business value. And for the IT industry as a whole, this is not just a novel venture, but perhaps a vehicle towards transforming a back-office sustainer into a core-business enabler.
Exploring university-based innovation
Your innovation journey may begin in many directions, but I will narrow the aperture and focus on one option: experimentation. For this facet of innovation to work, two important elements to consider are speed and cost. Said differently, you can’t afford to experiment with disruptive technologies if it is slow and expensive. Taking a year and a million dollars to ‘fail fast’ is more like ‘plain failure.’ It misses the point and the economics don’t add up.