Killer Innovations with Phil McKinney

You need to be known as an inventor to attract the industry and monetize your ideas. The more successful you are as an inventor, the more people want to do business with you. I’ve discovered that submitting ideas to competitions and sharing work on social media are the best ways to build your reputation. Submitting your ideas to competitions exposes you to a broad audience while showing them you are a serious inventor. Sharing your work on social media gives you credibility in the eyes of potential customers and clients. Making money from your ideas can be daunting, but it is possible. You can increase your chances of success by following the steps outlined below. Common Inventor’s Mistakes 1.     Not Taking Action Ideas are worthless unless you execute them. 2.     Not Protecting Your Ideas File for a patent or copyright for your idea before sharing it, so no one else claims it. 3.     Not Marketing Your Idea Create a website, write a blog, and use social media to increase the chances of monetizing your idea. 4.     Not Being Persistent Successful monetization of your idea requires persistence. 4 Steps to Idea Monetization 1.     Validate that there is a market for your idea. Research companies that produce similar products or services to identify if there is demand for your idea. 2.     Talk to people in your chosen market. Ask for feedback on your idea. At this point, you have two choices: Work with a company specializing in licensing and monetizing ideas or create a company around your idea. If you choose to create a company around your ideas, then: 3.     Create a prototype. Prototyping will help you further validate your idea and give you something to show potential investors. 4.     Find investors. Negotiate a deal and start working on making your idea a reality. Using an Invention Firm Invention firms can help you protect your idea, market it, find investors, and turn it into a reality. If you choose to work with an invention firm, ensure you do the following: 1.     Make sure you understand the terms of the agreement. 2.     Be cautious of companies that require upfront fees. 3.     Do your research. 4.     Get everything in writing. 5.     Be prepared to give up some control. InventRight is a reputable firm that has helped many inventors get started with making money from their ideas. They also have a robust YouTube channel for inventors. We had Stephen Key, the founder, and CEO of InventRight, on the show back in April. Note: This is not a sponsorship or endorsement. I have not used their services for any of my ideas. They have impressed me with the breadth and depth of the ideas they have monetized. To know more about monetizing your ideas, listen to this week's show: How To Monetize Your Ideas. RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast

Procrastination is a thief of potential, time, happiness, and success. Innovators often don't realize have become procrastinators because of how many projects they start. While innovators start innovations, they fail to launch them. Failure to launch is one of the most insidious forms of procrastination. In innovation, you will get your next position or project based on your portfolio, not your resume. It's all about the execution. If you are interested in looking at a small sample of my portfolio, you can hop over to Techtrend. FIRE – Execution Stage The FIRE innovation framework is a great way to avoid the trap of starting but not completing. The key is to move from stage to stage in the framework until you've launched your innovation. People procrastinate the most in the execution stage. In the execution stage, things can get messy, but avoiding it is no excuse. As innovators, we tend to compare our ideas to others and want to launch something perfect. Perfectionism is one of the biggest roadblocks to creative output. Don't let the fear of failure block your chances of success. Anti-Procrastination Tips for Innovators 1.     Focus on one innovation. Your focus will increase overall productivity as you will unlock the room for more innovations. 2.     Set a deadline. Setting intermediate deadlines for each task allows you to reach goals effectively. “The difference between a dream and a goal is a deadline.” – Harvey Mackay 3.     Find an accountability partner. A partner should be someone who keeps you on track and is supportive while offering honest feedback. 4.     Break it down into smaller steps. Consider using an agile innovation process that breaks down a project into short iterative cycles. Check out our podcast on The 7 Essential Ingredients of Agile Innovation. 5.     Focus on your why. Your why is the reason or your motivation for working on a particular project. If you can keep this in mind, it will help you push through the difficult times. 6.     Celebrate your wins. Celebrating each accomplishment will help you keep your focus and motivation high. Achieving Innovation Success Regarding innovation, it's important to remember that Rome wasn't built in one day. Your first try will probably fail, and that is ok. It takes hard work, focus, and determination to be successful. If you follow the steps outlined, you'll be well on achieving your innovation goals. To know more about procrastination in innovation, listen to this week's show: Procrastinators‘ Guide for Innovators. RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast

Innovation journalism is one of the essential types of journalism in the modern world. Journalists must explain and communicate these changes when innovations and ideas emerge to the public. Innovation journalism is currently in a state of crisis, as science and technology reporters only make up a small percentage of reporters in American newspapers. Despite this fact, according to a Pew Research Center survey, more than half of Americans say they want more news about science and technology. To truly understand and grapple with our changing world, we need journalists willing to provide real insight into emerging innovations. The Problem: Lack of Innovation Understanding Journalists and media platforms often sensationalize innovations to increase traffic while showing prejudice towards ones they don't like. Sensationalism can distort public understanding of potentially transformative innovations, promote misinformation, and distort policymaking. Innovation journalism should be about exploring the implications of innovations and ideas while shining a light on the people making them happen. Theranos: An Innovation Journalism Failure The media hailed Theranos as an exciting new technology that could revolutionize the blood testing industry. Theranos' CEO, Elizabeth Holmes, was often described as the “youngest self-made billionaire,” Time Magazine referred to her as “The next Steve Jobs.” Eventually, The Wall Street Journal revealed that Theranos was misleading investors and patients about its technology. Forced to shut down, Elizabeth Holmes was convicted on multiple counts of fraud. The lesson from the Theranos story is that innovation journalism needs to be more than just positive coverage of new technologies. It needs to be willing to ask tough questions and investigate claims made. Guidelines of Good Innovation Journalism Here are eight guidelines of good innovation journalism discussed in the podcast: Avoid Hype Seek Diverse Perspectives Consider the Implications Go Beyond the Press Release Verify The Claims Be Transparent About Your Sources Disclose Conflicts of Interest Label Opinions as Such The Future of Innovation Journalism If innovation journalism is to have a future, it must do several things. It must move away from its current focus on gadgetry and startups. It must embrace its role as a critical and informative force in society. It must also provide context and analysis, not just hype. It must ask hard questions and hold those in power accountable. Only then will it be able to fulfill its potential truly. Otherwise, it risks becoming nothing more than a buzzword or an empty promise. Having accurate, transparent, and unbiased reporting on innovation can empower individuals, organizations, governments, and society to bring about positive change. To know more about science and technology in journalism, listen to this week's show: The Failure of Innovation Journalism. RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast

Joy is a feeling of great pleasure and happiness. Many things can prevent us from enjoying our lives and our work. Finding ways to deal with these challenges is crucial, so they don't take away our happiness. Innovation is all about creating new things and solving problems. Finding the joy of innovation motivates every innovator. Being a part of successful innovation adds joy to your life. That joy has motivated me for 40 years of my career in innovation. It can be gratifying if you're able to make a difference in the world through innovation. What Brought Me Joy of Innovation In 1986, I led the development of one of the first biometric security devices, a fingerprint reader for a company called ThumbScan. Eventually, a company out of Stockholm acquired ThumbScan. Delivering something nobody thought could ever invent excited me and made me want to repeat it. Next, I worked on a supercomputer project at the University of Illinois at Urbana Champaign. There was a researcher that had developed the concept of massively parallel supercomputers. The processing architecture was called MISC, which drove a lot of interest when we developed it. Ultimately, it got acquired by Atmel. It was exciting to see something we'd worked on for so long and so hard become real. The excitement gave others also brought me joy. Again, this joy motivated me to continue the process. Finding Joy of Innovation At Work Many things can take the joy out of innovation. While finding joy in your work is hard, making a few changes in your mindset is possible. Here are a few tips that I've applied over my career: Make a list of things you love at your job A list can help you remember why you chose this career in the first place Set small goals for yourself and celebrate when you reach them Goals can help give you a sense of accomplishment rather than waiting for the big win. I believe in utilizing Objectives and Key Results (OKRs). Find a mentor or role model who loves their work A mentor can give you a different perspective and encourage you Take a break when you're feeling overwhelmed Breaks can help you clear your head and come back to your work refreshed Talk to your friends and family about your work. Get those close friends and families who will tell you the truth and have your back when you need them. To know more about finding joy as an innovator,  listen to this week's show: The Joy of Innovation. RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast

During the Cold War, Nobel Prize winner Richard Feynman investigated the possibility of science on a microscopic scale. He wanted to create machines that could assemble molecules atom by atom. While this sounds like science fiction, the “nanoscale” exists. Nanobots exist. Nanotechnology is growing rapidly, and I believe its impact will be significant. The Nanoscale In 2016, IBM researchers announced they had created the world's smallest motor, just 1x1x4 nanometers in size. A nanometer is one-millionth of a meter. The motor is made of a single carbon nanotube, spinning at up to 60,000 rpm. The nanobot technology trend focuses on making these tiny machines fast, strong, and precise. While IBM's motor is not yet practical for real-world applications, it shows how far nanotechnology has come. 7 Use Cases for Nanoscale Robots 1.     Cancer treatment Nanobots can help in the early diagnosis of cancer cells and can destroy them. 2.     Brain-computer interface Nanobots could read electrical signals in the brain and translate them into commands for a computer. 3.     Surgical procedures Nanobots can help improve the accuracy of surgery and reduce healing time, risk of infection, costs, etc. 4.     Drug delivery Nanobots can ‌target cells or tissues to deliver drugs with more precision. 5.     Environmental cleanup Nanobots can aid in the environmental cleanup of spills and other disasters by targeting pollutants. 6.     Manufacturing Nanobots can be used in manufacturing to create small, intricate parts or products. 7.     Computing Nanobots can create ultra-fast processors that store more data. The Future of Nanobots Successful innovation with nanobots can improve the efficiency of many industries and create new ones altogether. Government organizations like the National Science Foundation (NSF) invest in nanotechnology research for improved energy sources, materials, electronics, etc. The global market growth for nanorobotics is from $6 billion in 2020 to $14.3 billion by 2028. The secondary economic impact of nanorobotics on industries that adopt them is a projected $3.1 trillion by 2035. Because of the competitive advantage nanobots can bring, leaders should consider how they leverage them. This feat can be challenging to do on your own, which is why many companies turn to an innovation agency for help in innovation scouting. To know more about nanotechnology,  listen to this week's show: Innovating with Nanobots: What You Need to Know. RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast

Process innovation is the implementation of new or significantly improved processes to achieve tangible outcomes. There are two types of processes: operational and managerial. Operational processes seek to improve efficiency through streamlining activities and eliminating production waste. Managerial processes strive to enhance the effectiveness of a process by improving coordination and decision-making. Redesigning the process’s structure or improving its activities can help in both process types. Increasing departmental collaboration, creating a culture of experimentation, and utilizing data analytics help improve it. Constantly monitoring and refining an innovation process ensures businesses are always at the forefront of market trends and can create successful products. Why is Process Innovation Challenging? Process innovation involves change, which people don’t typically like. It also requires a clear understanding of the process and areas of improvement. To achieve this, try breaking down the process into small parts, diagraming it, reordering it, or seeking help from an expert such as Techtrend. An implementation plan is needed to implement a business process innovation successfully. 5 Benefits of Process Innovation 1.     Reduced waste and costs Businesses can reduce waste by developing new methods or technologies to carry out activities more effectively. 2.     Improved efficiency Process innovation allows organizations to carry out activities more effectively, which reduces the time required to complete those activities. 3.     Increased production capacity The creation of more efficient processes can result in higher work handling. 4.     More affordable products or services Increasing efficiency can lead to lower costs and passed on to consumers at lower prices. 5.     Greater customer satisfaction When products or services meet the customer’s needs, customer satisfaction and loyalty also increase. Example: The Ford Assembly Line The Ford assembly line increased efficiency and allowed for mass production. It also helped to reduce the cost of manufacturing cars, making them more affordable for consumers. Some call this a product and process innovation in a highly competitive business environment. To know more about process innovation,  listen to this week's show: Process Innovation – Including the Innovation Process. RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast

Chunka Mui is passionate about changing the world by thinking through future problems. He loves to ponder what is possible in the future, given the exponential growth we are experiencing now. As innovators, we forget to consider our innovations' unintended consequences.   Chunka says innovators also don't think enough about the intended consequences. His latest book, A Brief History of a Perfect Future, asks what would be crazy not to have, given the current capabilities. It goes on to share how society can work to design a better future intentionally. It's a different way to look at how we innovate, not just for social good but for business good as well. A Brief History of a Perfect Future Much of Chunka's new book is helping people think outside of the box. The book does a great job of actively motivating people to think differently to make a better future. We have incredible tools that act as amplifiers to our choices. Advanced solar and renewable energy, transportation, etc., act as building blocks. We can use these capabilities to help with problems such as healthcare and poverty. So much more can be done, but it all starts with a long-term mindset. Pressing Problems According to Chunka, the climate is one of the most pressing issues. With the available capabilities, it would be crazy if we didn't mitigate the worst effects of climate change by 2050. To do this will require a combination of individual, corporate, and government action. How You Can Make a Difference Leaders can look for business opportunities that address long-term problems. Consumers can make an impact through what they buy and don't buy. Investors can enable companies to make significant impacts. Employees can bring their talent to impactful organizations. We can all play an active role in designing a perfect future where real change happens. Aim for the future and treat it as an opportunity. About our Guest: Chunka Mui Chunka Mui is a popular guest speaker, futurist, and innovation advisor. He is the author of 5 books on strategy and innovation, including, most recently, “A Brief History of a Perfect Future: Inventing the World We Can Proudly Leave Our Kids by 2050.” Check out Chunka's Linkedin here and his website here. To know more about thinking through future problems,  listen to this week's show: Chunka Mui on Innovating a Perfect Future. RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast  

Outsourcing your innovation process is an exciting way to increase innovation competitiveness. Utilizing organizations like an innovation agency can allow firms to focus on other business areas. The results are increased efficiency, improved quality, faster innovation implementation, reduced innovation risk, and increased flexibility. Outsourcing innovation can be a powerful tool to help companies speed up their growth. By understanding the risks and challenges, companies can set themselves up for success. 5 Outsourcing Models 1.     Project-Based Innovation Useful for specific projects, specialized skills, or testing out new relationships. 2.     Joint Venture for Innovation This collaboration can benefit companies wanting to share the risks and rewards associated with innovation. 3.     Innovation Strategic Alliance. Beneficial for companies wanting to combine resources and ideation expertise to create a competitive advantage. 4.     Innovation Licensing Agreement. Agreements allow access to another company's technology or expertise. 5.     Innovation by Acquisition. Allows companies to add innovation capabilities or enter a new market quickly. Innovation Outsourcing: Successes and Failures In Apple's work with Foxconn, it outsourced its product manufacturing. The outsourcing allowed Apple to focus on design and development, while Foxconn created innovations to produce the products. As a result, Apple could bring new products to market quickly and efficiently. On the flip side, BlackBerry's work with TAT failed. TAT was supposed to take over UI/UX development, helping recapture market share from Apple and Android. TAT and Blackberry could not develop an operating system fast enough to keep up with the competition. BlackBerry lost market share, and both companies had to fire staff. Keys to Successfully Outsourcing Innovation Have a clear understanding of what the company wants to achieve.  Have a strong relationship and be able to work together effectively.  Ensure companies can trust each other.  Ensure both parties are willing to invest the necessary time and resources. Look for companies with a proven track record of innovation. Understand the company's business model and how it aligns with yours. Understand their capabilities, including strengths, weaknesses, tools, and processes. Understand their team's culture and skills. To know more about outsourcing innovation processes,  listen to this week's show: Should You Outsource Your Innovation Process? RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast

Design plays a vital role in our lives and is ever-evolving. In the past, it meant designing or planning something. In the early 1800s, the term was synonymous with art, and in the late 1900s, it referred to creating products or services. Over time, design has gone from being a specialized field tied to specific design movements to a more holistic approach. Now, it's a way of thinking that considers the entire design process from start to finish. In today's rapid and ever-changing world, businesses need constant innovation. This is where design thinking shines through. What is Design Thinking, and Why is it Important? Design thinking is a process that allows the design of products, services, and environments to be developed in an iterative design cycle with continuous feedback. It helps designers create innovative solutions by applying constraints like time and money. Solving for constraints is an iterative process of design, testing, and refinement called the “design thinking cycle.” Innovators use this process to create solutions no matter the constraint. It focuses on a user-centric approach used in many fields. It is an adaptable process that can design for changing needs. 5 Skills Needed for The Design Thinking Process 1. Creativity Creativity allows designers to develop new ideas and find innovative solutions to problems. 2. Problem-Solving The  approach, based on the idea that there is no one right solution to a problem, is vital to come up with multiple possible solutions. 3. Critical Thinking Designers need to think critically to determine great ideas with practical solutions. 4. Collaboration Designers need to collaborate to brainstorm and come up with the best possible solutions. 5. Communication Designers must communicate effectively to share ideas, get feedback, collaborate, and explain ideas to management and stakeholders. The Future of Design Thinking and Innovation 1. Healthcare: Healthcare design can improve patient safety, increase access to care, and reduce costs. 2. Education: Design can improve student learning by making it more accessible, enjoyable, and affordable. 3. Transportation: Design innovation in transportation can improve safety, reduce congestion, and increase efficiency. 4. Technology: One of the main goals of design in technology should be a human-centered design to improve usability. To know more about innovating with design thinking,  listen to this week's show: Innovating with Design Thinking. RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast  

The science of creativity has many theories and ideas that seek to explain it. New approaches and models are constantly emerging, which provide some insight but are not exhaustive. One theory suggests that creativity combines cognitive processes, including knowledge, imagination, etc. However, proof shows that experts and those with fresh eyes can often be creative in the same area. Creativity Models The four-phase model comprises the following phases: preparation, incubation, illumination, and verification. The preparation consists of gathering information and materials, developing a plan, and finding inspiration. Incubation is utilizing deep thought and focus on developing the idea. Illumination is where the idea's potential is visible, and the execution around it is understood. Verification consists of evaluating the worth of the idea to those working on it and those it will impact. The creative abilities model outlines five creative abilities: fluency, flexibility, originality, elaboration, and synthesis. Fluency (ideation) is the ability to produce several rapid ideas, allowing for exploration and experimentation. Flexibility allows people to adapt to new situations and environments. To measure originality, compare your idea to existing ideas, research patents, etc. Elaboration is taking an initial idea and making it more comprehensive and complex. Synthesis is taking ideas and concepts from different sources and combining them into something new. AI and Creativity Some people believe that AI could eventually become creative. Because there is no absolute definition of creativity, it's difficult if this will come true. In the meantime, researchers are working on ways to make AI more creative, such as by developing algorithms that can better identify and combine novelty and usefulness. Creativity and Mental Illness People correlate creativity with mental illness because many creatives have spoken about their mental illness struggles. Some studies have found links between specific mental illnesses and increased levels of creativity. The currently available evidence does not support the myth that creativity and mental illness are linked. To know more about the science behind creativity,  listen to this week's show: The Science of Creativity. RELATED:   Subscribe To The Newsletter and Killer Innovations Podcast