In a recent article at Business Week, they give Hollywood as a great case study for innovation by pointing out that persistence and time are what it takes for companies to fully grow into their innovations.
They gave five key things that stand out in Hollywood and are important for your innovations too:
- Allies are essential -- Pixar teamed up with George Lucas in order to prove their value.
- Persistence is a virtue - It took from 1915 to 1932 for Herb Kalmus to get Hollywood to have the first color movie.
- Psych 101 - Understand those who you are innovating for. Who is the end user of your product and what can you do to appeal to them?
- Mastering the demo/feedback loop - When Texas Instruments was developing the new DLP picture system, they took each step of their innovation to Hollywood for criticism to make a better product
- Befriend the outsiders - Find less essential companies to take on your product. Avid Technology teamed up with Steven Cohen, a well known movie editor, in 1993 before winning contributing to an Academy Award for The English Patient in 1996.