If only such an equation could have been found at the dawn of capitalism. And we’re certainly glad it’s here, because thanks to Orange network and Henley Business School, we MT staff have all submitted our resignation letters in anticipation of the untold riches we will now be able to accumulate in business. Apparently, the equation is as simple as this:
Rate of Ideas Generation = (Experience + Engagement + Energy) x Diversity
According to the study, which analysed 2,000 British businesses including the big boys such as 3M, Diageo and Bupa, all you need is experience, engagement, energy and diversity in order to brainstorm the best ideas. The study also found that SMEs are generating ‘more ideas than ever, but a low hit rate is stifling true innovation’.
And if you thought the study’s conclusions could get any more condescending to businesspeople everywhere, the report claims that: ‘Business ideas are vital as they lead to innovation and innovation leads to competitive advantage.’ Bill Gates will be wondering how he has managed to get it wrong for so many years.
The study claims that whilst three quarters of small enterprises (75%) are generating more business ideas now compared with five years ago, more than half of these ideas (52%) ‘aren’t practical and can’t be implemented’. Henley Business School’s Professor Dominic Swords, who developed the equation, said of the findings: ‘It doesn’t have to be this way. As some of the leading innovators have told us - from both large and small firms - putting a simple 60-minute process in place to generate ideas can have a positive impact on growth.’
What a difference an hour makes…