In every aspect of life, we create dichotomies to simplify decision making. Something is right or wrong, black or white. We do this to simplify our lives, shorten decision making time, and become more efficient. But creating these simple dichotomies means we often miss excellent opportunities for much deeper consideration.

Take innovation, for example. No matter where you turn, companies and experts are creating all sorts of innovation dichotomies. Products or services? Incremental or disruptive? Exploiting strengths or exploring new opportunities? We are constantly creating an either/or dichotomy, when the real opportunities are far richer and deeper.

Exploit or explore?

I can say without fear of contradiction that most innovation at the corporate level is incremental, extending existing products and services by adding new capabilities or features. There's nothing wrong with incremental innovation; it creates solutions that keep existing customers engaged and creates short-term revenue. It allows an organization to “exploit” its existing capabilities and portfolios.

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