How Predictive Analytics Could Increase the Rate of Innovation

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Thomas Edison is recorded as saying, when asked about the number of tries he took to invent a lightbulb that, “I have not failed. I’ve just found 10,000 ways that won’t work.”. Necessity may be the mother of invention, but his constant friend is a disappointment. We all know about the innovations that have fueled the development of the twentieth and twenty-first centuries, but what we never hear about is the sheer amount of failures that follow in the footsteps of those successes. What if there was some way that we could separate the bad, non-innovative ideas from the ones that are both practically and economically feasible? We could increase the rate at which we innovate and potentially drive up the speed of our technological development. Predictive analytics claims to do just that, and if it’s true, could mean a change in how we see the world of innovation.

The State of Innovation Today

While the last hundred years has seen exponential growth in the development and application of new ideas, the reason can be put down to the number of people that now have access to resources that allow them to make their ideas public. As far as earth-shaking innovations, we …

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