Increasing the odds of innovation success with Fahrenheit 212
20 May 2015
By Peter Maulik, Co-Managing Partner, Fahrenheit 212
Many companies struggle to bring innovation to life. Innovation firm Fahrenheit 212 is changing that.
The industries that are most in need of innovation are often the ones that rarely see their ideas make it to market. Relying on the strategies that first brought success, many companies try to integrate great ideas into a system that can’t sustain them, letting the idea evaporate before it ever reaches consumers.
Innovation firm Fahrenheit 212 believes that the reason companies fail to innovate is often structural. Many businesses have a goal to simply continue doing what they’ve always done, but more efficiently. In an interview with Co-Managing Partner, Peter Maulik, he explains why this approach is not the best ecosystem for innovation, and often the largest blockade can be the process that was successful in the past.
The team at Fahrenheit 212 has developed a different approach for not just generating ideas, but successfully bringing them to market, which Maulik identifies as the principles of Method, Model, and Minds.
Fahrenheit 212’s method solves for the consumer and business simultaneously, pairing the constraints of the business together with the needs of the consumer. They call this method the ‘Money + Magic’.
Their business model harnesses an entrepreneurial approach by putting actual skin in the game: portions of their fees are put at risk until a project succeeds.
Fahrenheit 212 also views innovation as a discipline, and as a result they cultivate their minds and build teams that are best positioned to deliver innovation outcomes.
There is an argument that entrepreneurs are best positioned to innovate and challenge the orthodoxies of the category and ask new questions. Fahrenheit has sought to harness that business model in a consulting approach by putting a portion of their fees at risk until a project succeeds. These principles, combined with the minds it takes to develop a diverse innovation team, are what yield effective outcomes.
To find out more about Fahrenheit 212, visit www.fahrenheit-212.com.