In their new book titled Innovation Tournaments: Creating and Selecting Exceptional Opportunities Wharton professors Christian Terwiesch and Karl Ulrich point out that identifying new opportunities shouldn’t be seen as a luxury but a necessity. They note that creativity and process-driven rigor can go hand in hand when it comes to vetting and managing new ideas. One way to do this they explain is by making new ideas compete with one another in numerous rounds of vetting -- that is by running them through ”innovation tournaments” -- so that the strongest and most promising ideas make it to the final round. Rich rewards await companies that make the leap.
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