The biggest mistake is an over-reliance on data. Managers will say if there are no data they can take no action. However, data only exist about the past. By the time data become conclusive, it is too late to take actions based on those conclusions.

How can you make sense of the future when you only have data about the past?

People still cling to this belief that innovation is just random and unpredictable. But if you look closely, there are some real patterns. The companies that recognize and take advantage of those patterns have the real opportunity to create competitive advantage.

Innovation almost always is not successful the first time out. You try something and it doesn't work and it takes confidence to say we haven't failed yet. Ultimately you become commercially successful.

Investing in our people is going to be costly and scarce - we need to start doing that!

In the first stage of insight-building, all that researchers can do is observe phenomena. Second, they classify the phenomena in a way that helps them simplify the apparent complexities of the world so they can ignore the meaningless differences and draw connections between the things that really seem to matter. Third, based on the classification system, they propose a theory. The theory is a statement of what causes what and why, and under what circumstances.

You can't find returns in investments you haven't made.