December 2008
Ms. Carol Applegate (Director of programs and services, Business Ownership Initiative (BOI; not-for-profit partner of the Small Business Administration )) helped us understand that innovation is an interaction between thinking and doing. “An expert is a person who avoids small error as he sweeps on to the grand fallacy.” [ Niels Bohr ] What is the grand fallacy of innovation? It’s that we tend to mistake thinking for doing. Consider this trick question: 6 frogs are sitting on a log. One decides to jump off. How many are left? Answer: 6 frogs. Why? Because the one frog just decided to jump off; he didn’t do anything. Many inventors decide to jump into a business so they can turn their inventions into financial success. They decide to jump, but don’t. They stay on the log because they lack the strength of personal commitment to the effort of business, or they lack the grip of knowing how to start, maintain, and grow a business. BOI offers valuable yet inexpensive ($10; discounts ...