Key Messages
How To Kill Unicorns And Make True Innovation Happen
Stop dreaming and start doing.
Leave the land of unicorns and make innovation happen.
That’s what How to Kill a Unicorn is all about – transforming glittering ideas into actionable solutions that have real-world impact.
With this book, you’ll gain an understanding of how to kill these mythical unicorns and formulate innovative ideas and solutions with the help of examples from the global innovation firm Fahrenheit 212.
You’ll learn why it’s important for an innovation-making team to focus on both Money and Magic, understand the difference between wow and how, as well as discover that even something as simple as a “easy-to-steal whiskey bottle” can be considered an innovation!
It’s time to leave your imaginary world behind and start making true change happen.
Fahrenheit 212’S Philosophy For Generating Innovation: Money And Magic, Debate Rather Than Brainstorming
If you want to make innovation happen, the key is to form a diverse team and then let them debate.
That’s according to Fahrenheit 212, a global innovation firm that helps some of the world’s biggest companies create innovative ideas and strategies.
Fahrenheit 212 believes in combining Money & Magic – that is, pairing financial and strategic whizzes with experts who know how to “magically” understand consumer needs.
This winning combo allows the team to find new innovative solutions that appeal to consumers but still bring in profit — something that many so-called innovative ideas don’t do.
To demonstrate this strategy in practice, Fahrenheit 212 used it when working with Samsung on their translucent LCD screen technology.
They brought together analysts and financial experts with designers, writers, architects and film producers who together brainstormed product solutions that were both creative and financially viable.
Furthermore, research suggests debating rather than brainstorming yields better results for innovative ideas.
A 2003 study conducted at UC Berkeley found that debate stimulates creativity more than brainstorming because it encourages constructive criticism and an array of viewpoints from the team members.
Fahrenheit Uses The ‘Mosaic’ System To Resolve Bank’S Trust Issues And Boost Product Sales
Fahrenheit’s approach to solving problems is to become innovative by truly understanding both the interests of the consumers and the business.
In this case, when faced with a problem of customers not buying more than two bank products, they first looked at it from the customers’ point of view.
Through talking to customers, they realized that distrust was at the root of the issue; customers simply didn’t trust that their product terms wouldn’t change depending on which services were added or removed.
Having an in-depth knowledge of both customer and business needs, Fahrenheit took action: creating an IT and product system called Mosaic which connected all of the bank’s products together.
Customers could now easily check how their numbers changed with each new product addition.
The unconventionality in this approach helped build customer trust through transparency rather than closing off options like before – ultimately allowing customers to accumulate financial assets while feeling safe and secure.
The Power Of The “How”: How To Turn Your Idea Into Reality
In the world of innovation, it’s really easy to get swept up in the “wow” factor.
These grand ideas can fill us with a euphoria that can be hard to resist.
But it’s not enough to just have an idea- you need to be able to back it up with a “how”.
This means asking tough questions like, “How do we make it work?,” “How much will it cost?”, and “Where is the money coming from?” Without answering these essential questions, all of those great ideas will come crashing down.
It would be like putting together a multi-course dinner without knowing how to actually cook any of the dishes.
Instead of dreaming big and hoping for success, focus on the practical tasks first.
Think about what needs to happen operationally and financially before aiming for the ‘wow’ factor.
Consider how Fahrenheit approached Dubai Bank’s problem: instead of going for “wow” first, they asked themselves how they were going create one trustworthy entity uniting multiple businesses models – including finance costs and benefits.
From there, came up with their innovative solution which wowed their clients and gained success for Fahrenheit.
To create successful innovative projects, don’t forget the how in all the wow!
How Start-Ups Innovate: Taking A Cue From A Case Study On Tuthilltown Spirits
Big companies often look to start-ups as an example of how they should go about innovating.
They marvel at the revolutionary strategies that make the start-ups successful and strive to have their own companies adopt those approaches.
But what these big companies consider radical ideas are typically just plain old obvious solutions for the start-up.
Take, for instance, Tuthilltown Spirits, an upstate New York craft-spirits company.
To differentiate themselves from older and more established distilleries, they implemented several “obvious” strategies that had never been done before; like using smaller whiskey barrels to speed up aging process and creating half-sized bottles for distribution so more retailers could carry their product.
Though unconventional tactics in comparison to major distilleries, these simple solutions made perfect sense for Tuthilltown Spirits start-up business model.
Big businesses can get lost in the possibilities of revolutionary new innovations when right under their noses there is a plethora of deeply rooted “obvious” solutions waiting to be discovered.
It’s these kind of strategies that give small startups a leg up and allow them to thrive and compete on an even playing field against larger corporations.
The Power Of Root-Cause Problem Solving: How One Brand Developed An Enduring Loyalty Program
Businesses that have already been established don’t need to settle for quick-fixes when problem-solving; they should instead look beyond the immediate issue and make sure they are asking the right questions.
Take, for example, the famous hotel brand whose loyalty program was not generating as many repeat customers as expected.
Initially, their solution was to introduce fancy chocolates on the pillows and special menus with caviar – but this only provided a temporary fix that their competitors could soon copy.
Rather than going for these quick fixes, Fahrenheit team was brought in to investigate further and ask the customers why they had stopped coming back.
After further inquiry, it became clear that once customers had achieved platinum membership there was no incentive for them to stick around – so what they really needed wasn’t more attractive perks but an innovative loyalty program that would inspire true customer loyalty.
Armed with this insight, Fahrenheit came up with a lifetime guarantee policy which meant that customers didn’t lose their rewards when the year ended.
This way, loyalty was earned over time rather than fast-tracked by temporary incentives – and it has since become well known as an exemplary model of long-term customer engagement in business circles.
So if you’re looking for ways to innovate in your established business venture, always remember: start by asking the right questions before snatching at solutions in haste!
Wrap Up
The final takeaway from How to Kill a Unicorn, is that successful problem solving requires taking into account both the consumer and business side.
By looking at a problem from multiple angles, you can create innovative solutions that are both effective and enduring.
Ultimately, this book offers valuable advice for any innovator or entrepreneur- regardless of their industry.
Through relatable examples and a clear message, it shows that innovation is key when tackling challenging problems.
The author also highlights the importance of considering different perspectives in order to create lasting results.
