What is “innovation”?
It’s the implementation of creative ideas in order to generate value, usually through increased revenues, reduced costs or both.
The “Status Quo Bias” is a proven cognitive bias that exists in all normal people.
Innovation, especially breakthrough innovation, requires veering from the status quo.
Many Advisors do not adopt or research a highly innovative idea not because of any intrinsic flaw in the idea, but because the idea might be unfamiliar or might require change.
(Content edited from Jeffrey Baumgartner)
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