Achieving faster, better, cheaper, and more creative innovation outcomes with the 5X5 framework: 5 people, 5 days, 5 experiments, $5,000, and 5 weeks.
What is the best way for a company to innovate? Advice recommending “innovation vacations” and the luxury of failure may be wonderful for organizations with time to spend and money to waste. The Innovator's Hypothesis addresses the innovation priorities of companies that live in the real world of limits. Michael Schrage advocates a cultural and strategic shift: small teams, collaboratively—and competitively—crafting business experiments that make top management sit up and take notice. He introduces the 5x5 framework: giving diverse teams of five people up to five days to come up with portfolios of five business experiments costing no more than $5,000 each and taking no longer than five weeks to run. Successful 5x5s, Schrage shows, make people more effective innovators, and more effective innovators mean more effective innovations.
Michael Schrage is a Research Fellow at the MIT Sloan School of Management's Initiative on the Digital Economy. A sought-after expert on innovation, metrics, and network effects, he is the author of Who Do You Want Your Customers to Become?, The Innovator's Hypothesis: How Cheap Experiments Are Worth More than Good Ideas (MIT Press), and other books.