Jackie Fenn is a vice president and Gartner Fellow in Gartner Research. She focuses on innovation management issues and emerging technology trends. Mark Raskino is a vice president and Gartner Fellow in Gartner Research, specializing in emerging trends.
Mastering the Hype Cycle: How to Choose the Right Innovation at the Right Timeby Jackie Fenn, Mark Raskino
Then, when the innovation fails to
It happens over and over again. Some innovation (a new product, a management trend) comes along that captures the public's imagination. Everybody joins the parade with great fanfare and high expectations. This "next big thing" promises to transform the companies that adopt it -- and inflict great peril on those that don't.
Then, when the innovation fails to deliver as promised immediately, everyone starts bailing out. Investments are wasted; stock prices plunge; disillusionment sets in.
It doesn't have to be this way. In Mastering the Hype Cycle, Jackie Fenn and Mark Raskino explain what drives this pattern and how your company can avoid its potential dangers. By understanding the hype cycle, you can ride it more skillfully -- timing your investment decisions so that the innovations you adopt stand the best chance of succeeding in the long-term.
Drawing on company examples and Gartner's proven STREET (Scope, Track, Rank, Evaluate, Evangelize, Transfer) framework, the authors show how to orchestrate the key steps in the innovation-adoption process -- from choosing which innovations to take on and when in their life cycle you should adopt, to paving the way for a successful introduction.
The hype cycle isn't going away. But this book arms you with the strategies you need to ride the crest of a new idea to success -- and steer clear of the trough of disillusionment.
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Everybody’s talking about it – the next best thing that’s going to reorder industries, catapult early adopters to the top and make millions for those on the ground floor. How do you know when to hop on the innovation bandwagon or stay on the sidelines? You can’t rely on your gut to choose which innovation presents a genuine opportunity, but the well-considered “hype cycle” can make a difference. Technology researchers Jackie Fenn and Mark Raskino devised this model to help you determine which innovations to adopt, when to adopt them and how to integrate them into your business. This rubric takes you beyond the buzz to help you make well-reasoned, thoughtful choices. getAbstract suggests this useful manual to anyone making decisions about new products and services, technological breakthroughs, creative processes or bold ideas.
Technology companies used to suffer from "Not Invented Here" syndrome. Now, they can't import inventions fast enough, as companies such as IBM, Microsoft, EMC, Cisco and a host of others acquire innovation from the outside.
But as authors Jackie Fenn and Mark Raskino note: success from importing innovation from the outside is equally driven by its timing. Even the best ideas will fail, if certain ¿value gaps¿ aren¿t fulfilled when they are launched. The authors use numerous examples to illustrate how these drivers lie on the critical path of adoption, for example easer of integration (customers won¿t spend time re-engineering their environments to reap the rewards of your idea, no matter how good it is). Payback and performance are also explored, which made me think of the hybrid automobile I just looked at (which costs more and delivers only marginal performance improvements over my existing automobile).
Nevertheless, the absence of one of the value gaps is not a reason to abandon an idea, and in fact, the authors provide painful examples of executives who cut projects off prematurely only to see their competitor reap the rewards. However, if you go into the innovation process with your eyes wide open as to how adoption works, you can set expectations with your senior management about the nature of innovation and accept the time frames that go with it.
The role of marketing in the hype cycle is also explored, and a particularly dramatic and fascinating story illustrates this point: Few people know that Isaac Newton¿s ¿law of inertia¿ was actually observed by a Chinese physicist 2,100 years earlier. But the ancient Chinese weren¿t made aware (we call it marketing in modern times) and it went unknown.
Communication plays a huge role in the hype cycle ¿ but ironically enough, marketers can unintentionally contribute to their own product¿s fast acceleration into the trough of disillusionment through zealous, super inflation of its expectations. Marketers can avoid this trap by becoming familiar with how hype works and how adoption works.
Once you review the concepts of hype and adoption in Part 1, the authors show you how to manage innovation and hype as you would any other business process. In fact, Part 2 opens with a quote by W. Edwards Deming: ¿If you can¿t describe what you are doing as a process, you don¿t know what you¿re doing.¿
It is in Part 2 that managers can learn how to build innovation into their everyday operations and cultures, thus avoiding the ¿one off¿ scenario where companies succeed with a good idea, then think they¿re done. A must read for any technology marketer that wants to keep the company ahead of the curve by acquiring innovation.