By Randy Smith,
Mobile Wallet Media
May 28, 2013
About Mobile Wallet Media
Mobile Wallet Media is a news media, analyst, marketing and consulting firm focused on the future of mobile: payments, marketing, loyalty commerce, security, prepaid, virtual currency, daily deals and the convergence of them all with social and local. The Chief Editor, Randy Smith, was the primary founder, inventor and former CEO of MobilePayUSA, a TechCrunch Disrupt Startup Alley Winner.
Mobile Wallet market share is up for grabs. Having the most innovative solutions, right focus and wallet interfaces will be the difference maker among strong competitors. In order to discover and retain 'innovation gold', one must develop a filter and process that detects and captures innovators and innovation. Without an effective filter, the chances of capturing innovation is very low.
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A Moneyball methodology is needed to capture innovation and innovators. It is a process of identifying high value that is not currently seen, understood or embraced. It is a very philosophy that reaps the most for the least cost. It is what makes a world of difference in any organization's success and failure. In 2002, it is what enabled the Oakland A's to win the same number of games as the New York Yankees with 1/6 the payroll. The Boston Red Sox embraced Moneyball to win the World Series in 2004 and 2007.
But whom developed this methodology? Was it a Major League Baseball veteran? No it was Bill James, an industry outsider whose sideline hobby and passion for baseball turned into the Moneyball methodology that forever changed pro baseball. Of course without GM Billy Beane of the Oakland A's fully embracing the Moneyball philosophy, it might still be a goldmine yet unearthed. Eventually innovations worth their weight in gold will be discovered, revealed and mined. So what logic is there in not embracing or exploring known or potential sources of innovation once identified? This seems counter intuitive or counter productive.
Prospecting for Innovation is Much Like Prospecting for Gold
Prospecting for talented innovators and innovation is much like prospecting for gold. It is a practice in need of adoption lest any organization will fast become obsolete and irrelevant. Without a sound filter to capture innovation and innovators, it will remain undiscovered or worse yet found and captured by competitors. There is a very limited supply of gold or innovation and without a business discovering it, capturing it and embracing it they will soon be bankrupt.
In gold mining, there are certain signs that point to an area of land that may contain gold. However, every experienced gold miner will tell you that until you get good sample pans with enough gold, you have nothing. Just looking at a pan full of rocks and dirt, before sifting through it, can yield no indication if the pan is only worthless dirt and rocks or if it contains gold. Yet in seeking 'innovation gold' in business we almost always seem to fail to sift pans presented to us unless presented by experienced gold miners. This is judging a book by it's cover and goes against the fact that most great innovation is discovered and introduced by stand alone, relative nobody, innovators, not gigantic organizations with huge resources. Industry changing innovations very often originate from industry outsiders or newcomers.
The Wrong Filter
In today's world each person and company is judged by their resume and often their perceived value ends there. Though this focus may reveal the nuggets on the ground or just below the surface, much like in gold mining, 90% of the gold is never accessed without innovative methodologies to attain it. This provides an inaccurate and limited perception of reality or opportunity. A filter that allows the best innovation and innovators slip through just to maintain partiality to status quo leadership, influence and relevance is a losing strategy. This is pride, fear and selfishness getting in the way.
The Right Filter
An effective filter is one that sifts all samples and removes the 'Brand-name Resume Bias Filter'. This type of filter is the one that enables the capture of the 90% of the greatest innovation. Acting like Billy Beane is the right strategy.
And as a interesting side note, most of the most innovative technology and payments companies reside next door to the Oakland A's, the home of the 1849 goldrush and the innovation-magnet the San Francisco 49ers.
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Capturing Mobile Wallet Goldmine Requires Moneyball-Like Innovation Filter
Image sources: Billy Beane - Concur.com, gold pan - goldpanningsite.com, gold detector – minelab.com.
