Archive | Key Concepts

Problem Representation

Problem representation relates to the fact that how we see or conceptualize a problem defines how we try to solve it. Solving difficult, high-impact problems requires finding a representation of the problem that is solvable. If you are not able to solve the problem that has been presented to you, the answer may be to […]

invention vs. innovation

Invention vs. Innovation: Understanding the Difference

Invention vs. innovation — Many people mistake invention for innovation or believe that every invention is an innovation, but this is not exactly accurate. The key difference to understand is that invention is about the creation of something new, without regard for value. You can come up with a new idea or product and even […]

the champagne principle

The Champagne Principle: How to Turn Your Uniqueness Into a Market Leader

If you lived somewhere where you made bad wine, would it have occurred to you to make champagne instead? Probably not. But that’s what innovation is: taking sour lemons and inventing lemonade. Consider the real-life history of champagne. Champagne refers to the chalky soil that was very dry and barren. Most people don’t realize that […]

Disruptive Innovation: How It Differs from Keystone Problems

What is the difference between disruptive innovation and solving keystone problems? Keystone problems are the things that must be overcome so that companies who have a nascent technology can actually gain the market through that technology. The rate at which some technologies get better may be faster than what the market needs. Simplicity, convenience, accessibility, […]

the rubber-band principle

The Rubber-Band Principle: Using Value to Create Innovations

The Rubber-Band Principle basically teaches us to discover unseen opportunities for value to create innovations that touch our daily lives The rubber-band principle comes from the story of how Kraft macaroni and cheese originated. James Lewis Kraft, the founder of Kraft Foods, found a salesman in St. Louis who was selling boxes of pasta with […]