Valuable Lessons From The Museum of Failure- #1
Previously we discussed the Museum of Failure in LA through 2/4 and the importance of celebrating failure. While it is important to celebrate failure, it is even more important to objectively learn from them.
Mof Lesson #1 - Timing is everything. Don’t show up a day early - or a day late - to the innovation party.
The world is in a constant state of change, so your innovation strategy needs to anticipate change, and then actually plan for when it inevitably occurs. Unveil your innovation too early and it won’t have any practicality; release it too late and it could be outdated the moment it reaches the market. Wise strategy takes timing into account.
The best way to do this is to adopt a Minimal Viable Product(MVP) mindset. Bring your innovation to market as quickly as possible, so consumer feedback can immediately show you how to evolve stronger as you move forward. This helps minimize the risks associated with trying to get your market timing just right.
Don’t put your innovation cart before the horse. If your product is a cart with built-in Apple Play, and a butt massager, but horses haven’t even been domesticated yet - you are too early. Arrive that early, and another innovator will come along, learn from your failure, modify it, and profit at your expense. You will watch them get the timing right and take the credit for your original innovation.
On the other hand, perpetually innovating in your weekly meetings and not executing an MVP quickly enough will require you to play catch-up if you want your cart to have any chance in the market at all. So don’t be too slow either.
Nail your timing with the right amount of change, and the right amount of innovation, at the right time.