Innovation Network: Wake Up Brain Weekly Message: July 24, 2000

This week we're delighted to start a two-part series on reinvention authored by Peter Flatow, the president of Co-Knowledge, a consulting firm specializing in change. In the first article, Peter brings you some of the principles of reinvention then we'd like to get your questions and comments. Peter will use these to bring you a longer article focused on your concerns in mid-September. At the end of his article, he offers you his website address in case you want more info immediately.

So, please read the following and then send your questions, concerns, or objections
TO: flatow@thinksmart.com
SUBJECT: REINVENTION

REINVENTING YOUR BUSINESS
by Peter Flatow, President, Co-Knowledge

The fact is all true innovation is just the reinvention of something that already exists. Companies or individuals that are successful subscribe to a combination of the following reinvention principles.

Be proactive. Most managers and companies are reluctant to reinvent or renew what has worked in the past.
Reinvent; don't repackage. Reinvention should not be confused with minor modifications of the status quo.
Look beyond the present and familiar. What drives innovation is determining where the company needs to go, not where it is.
Use reinvention to generate added value. There was a time when a good product was enough. But most companies could build a good product, so successful companies added a service component. Now product with service (or service with product) is not enough, you must add a solid experience component.
Be willing to take some risk. A defining difference between new-economy companies and old-economy companies is not the dot.com but the willingness to reinvent something because they have no vested interest in the status quo. Chrysler built the first Mini-Van because they did not have a station wagon business.

How many of these principles do you or your company subscribe to? If you wish to learn more please visit www.CoKnowledge.com and go to the Articles section.

Peter Flatow is president of CoKnowledge, Southport, Conn., a consultancy specializing in the management of change.