Technology entrepreneur and CEO of X Prize Foundation, Peter Diamandis, believes that the sweet spot of true innovation is found in the sharing of “crazy ideas.” While a company or a creative individual can find success in stability, leaps of innovation and rapid experimentation are required to truly make an impact.
Innovation is when someone has an idea or a problem and shares it with somebody else, building upon it and making it stronger with every new perspective. Even if 99% of the ideas fail, it’s discovering the one that works and building upon it that leads to innovation. And to get there, your craziest ideas need to see the light of day – even if they fail.
Diamandis shares his experiences with the X PRIZE Foundation, a non-profit organization that creates public-incentivized competitions with the goal of accelerating technological breakthroughs for the benefit of humanity. In this video, Diamandis outlines tools to promote this kind of radical innovation, which include the use of crowdsourcing and hyper constraining the problem.