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3 Tools for Innovation: Crowdsourcing, Constraints, Reading | Peter Diamandis

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The CEO of the X PRIZE Foundation lays out three tools to boost innovative ideas and re-draw the frontiers of business and creativity.
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Transcript - When I think of innovation and I teach this at Singularity University and Abundance 360, we focus on this at XPRIZE. Innovation is when an individual has an idea from reading a book or having a problematic experience and then takes that idea and shares it with somebody. And that person builds on the idea and shares it back and it’s a going back and forth. It comes from that building of ideas rapidly and rapid experimentation. Burt Rutan taught me something. He said the day before something is truly a breakthrough it’s a crazy idea. And so I ask CEOs all the time where inside your company are you trying crazy ideas? And if you’re not trying crazy ideas, if you’re trying sort of incremental ideas you’re stuck in incrementalism. You’re never going to innovate, you’re never going to expand. And so innovation really is this rapid experimentation of trying 100 ideas, 99 are failing and one works. And then you build on that one. You try over and over again. So, you know, the traditional way of solving a problem, a grand challenge, has been as a philanthropist or as a company you grab a chunk of money, you grab an innovator, you give it to them and say fix this problem. Very traditional but pretty linear.
What we do at the XPRIZE is we say here’s a chunk of money. I don’t care where you went to school, what you’ve done before, your race, creed or color, man or woman. It doesn’t matter. If you solve this problem you win. And so what we do in this sense is we’re running hundreds of experiments in parallel. And so while the Ansari XPRIZE had 26 teams from seven countries, some of our competitions have thousands of teams that have registered. And it’s sort of this Darwinian competition going on where crazy ideas get a chance to see the sunlight and get experimented with. And you only pay the winner. And so it’s really a wonderfully new and fresh mechanism of innovation.
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