Innovation considerations for real estate firms
Real estate professionals looking for sources of inspiration should consider the following quip from the book Chasing Cool:
The next time someone says they want to be the iPod of their industry, ask them this: before he came up with the iPod, did Steve Jobs walk around telling people he wanted to be the Sony Walkman of his industry?
The Chasing Cool book goes on to explain that innovators have a knack at assessing where a potential market “is” and what this potential market wants or needs, even though this potential market may be incognizant of such, because innovators employ various forms of focus groups (from the traditional, to the mostly non-traditional) along with intuitive insights.
Following this thread, in the paper Permanently Beta: Responsive Organization in the Internet Era, researchers point out that continual testing is a way to gauge user feedback and gain invaluable break-throughs in product innovation (the development of Linux is an example of this). Nevertheless, this article (abstract) looked at software company start-up success and found that prolonged beta phases and collaborations with universities delay product launch but that team tenure and experience favor faster product development and launch. This finding corroborates a premise in Chasing Cool that looking within rather than without (i.e., consultants) often drives true insight and innovation.
What does this mean for real estate firms striving for innovation? Perform a 365 degree analysis on your team and products and services. Analyze your company through the eyes of a competitor to better understand your weaknesses. Quit strategically as Seth Godin admonishes in the book The Dip.