There was a good recent article in the Harvard Business Review titled ‘Start Stopping Faster’ by Rigby, Elk and Berez.
It looked at innovations and the speed with which businesses pursue these new ideas. This issue is that 70-90% of innovations fail, and the cost of waste is estimated at $10trillion as many projects continue even when it is clear they are failing.
The Earth’s most agile land animal is the cheetah, but what makes it such an awesome hunter is not its top speed, but its ability to stop from speed and then turn.
The lesson in business is at time to stop faster rather than just continuing down a path. This can be achieved by making more of the decisions reversible from day 1 and making the work more visible as its easier to stop unproductive work if it can be seen. More on this in next months’ newsletter.