Book Summary: The Innovator's Method

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Book Summary: The Innovator's Method
Investment experts point out that over 90% of startups fail in the contemporary business
environment. This figure illustrates that there is a significant waste of resources, as well as
entrepreneurship minds. People are coming up with brilliant business ideas. Sadly, a substantial
percentage of these ideologies die prematurely. This book provides comprehensive answers on
why most starts ups fail and how to avert such failures. According to the authors, most
businesses fail due to poor prediction of how uncertainties will affect or shape a given
investment in the future. Consequently, this book presents aspiring and existing entrepreneurs
with new tools and perspectives for authenticating big investment ideas characterized by high
levels of uncertainties.
The new perspective presented in the book is what the authors term as innovator’s
method. As Furr and Dyer (2014) point out in the book, the fear of uncertainty is the leading
cause for most entrepreneurs not pursuing their investment dreams. These potential investors
perceive their investment ideas as being too risky. Therefore, they end up abandoning these ideas
to avert resource waste. However, the innovator’s method presented in this a book provides
entrepreneurs with a secure way of managing innovations by lowering uncertainties and risks
through cheap and rapid experimentations.
Importantly, the innovator‘s method entails four crucial steps; savor surprises,
discovering the job to be done, launching a prototype, and creating a business model. The goal of
these four steps is to ensure that entrepreneurs and investors do not launch businesses that fail to
address the needs of customers. Moreover, following these steps enables investors to establish
whether the investment ideas are worth pursuing and to determine the right business model for
the new venture. Furthermore, the book advocates that modern entrepreneurs need to possess