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 Survey your customers and ask them about their problems and frustrations. Innovation is problem-solving for consumers.

 Look to other industries: Reed Hastings, the founder of Netflix, was inspired by the gym membership business model before he built the subscription-based DVD business.

 Talk with analysts and thought leaders. They have insight into the trends that are receiving traction with early adopters across various sectors and industries.

 Partner with start-ups. They have good ideas; you have the resources to execute and scale. It's a potential perfect synergy between large and small companies.

 Partner with universities. Students and professors have the knowledge, research skills, and capacity to be terrific innovation partners.

Rapid Prototyping

The mantra of the start-up founder is fail fast. This term may sound confusing, because nobody wants to fail, and certainly nobody wants to fail quickly. However, founders understand that to accomplish something truly innovative, they must take risks. They also know that not every idea will be successful, and the quicker they can learn which ideas won't work, the faster they can learn from the failure, iterate, and try the next idea. Failing fast minimizes the time, money, and resources spent on bad ideas.

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