Every great idea emerges out of a process of trial-and-error experimentation.

Of course, it is worth it to take the time to think carefully through your assumptions, and ensure you at least have hypotheses around how you will create value. But use the analysis as a way to focus attention on the most critical assumptions, rather than spend a ton of time massaging the numbers.

The reality is sometimes markets don't exist for very good reasons. It might be that there isn't a deep customer need. Or the economic model is just hard to pull off. Or maybe there is a regulatory barrier.

In my mind, so-called "cultures of innovation" really boil down to one word: curiosity.

The CEO should ask what he or she can do to raise the organization's curiosity quotient. One way to do this is to seek to learn more about current or prospective customers, not to figure out which segmentation model to slot them into, but to really understand them as human beings. Another is to live at the intersections where innovation magic occurs.

You have to chip away at it and shape it to let the winning idea emerge.

The number one thing I urge people to remember is it is all about being scientific about managing strategic uncertainty, while striking the important balance between being thorough and being flexible.