Why do most innovation efforts fail?
Most innovation efforts today start with a familiar formula. A manager, entrepreneur, engineer, scientist, or other business-minded person has an idea for a new business. This idea is typically a solution to some problem. Perhaps the problem is pervasive, like it was for the three entrepreneurs who decided they would create a solution called YouTube that allowed ordinary people to share videos over the web. However, as is more often the case, the problem is not widely shared or others are not willing to pay for the solution. As a consequence, most new products and ventures fail!
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