[…] few assumptions about innovation that underlie […] contest
- The main problem the firm has with innovation is that they don’t have enough ideas.
- The reason that people aren’t innovating is that they aren’t being paid enough to do so.
- Idea generation is the best place to invest money to improve innovation.
All three of these assumptions are false, and that is why this initiative isn’t going to work. This is the most common innovation mistake that I see: acting like innovation is all about generating new ideas.