Innovation is often likened to a long nose, with the most valuable ideas taking years to mature. It’s a process that starts with a spark of inspiration, followed by a period of nurturing, development, and refinement before reaching a point of realisation. This concept is seen in many sectors, from technology to manufacturing, where the initial idea can take a considerable amount of time to become a viable, marketable product.
Bill Buxton, a principal researcher at Microsoft, argues that the ‘long nose’ of innovation is vital for companies to recognise and exploit. He believes that businesses should be investing in ideas that may not pay off for a decade or more, and those who do not embrace this ethos risk being left behind. Buxton’s argument is supported by the success of companies like Apple, which has consistently invested in long-term projects, resulting in revolutionary products like the iPhone.
However, the ‘long nose’ approach to innovation is not without its challenges. It requires patience, substantial investment, and a willingness to take risks. Moreover, it can be difficult to predict which ideas will ultimately succeed. Despite these challenges, the ‘long nose’ of innovation remains a powerful tool for businesses looking to stay ahead of the curve, providing they are willing to invest in the future.
Go to source article: http://www.bloomberg.com/news/articles/2008-01-02/the-long-nose-of-innovationbusinessweek-business-news-stock-market-and-financial-advice