Little Bets: How Breakthrough Ideas Emerge from Small Discoveries [Paperback]

Having read and reviewed True North, a book Peter Sims co-authored with Bill George, I was curious to know what he has to say about "how breakthrough ideas emerge from small discoveries." I was pleased but hardly surprised that Sims has a great deal of value to share, much of it (as he duly acknowledges) gained from conversations with or rigorous study of various thought leaders and they include a few surprises. Chris Rock, for example. His routines are the result of an exhausting process of continuous (mostly failed) experiments, constant modification, and subtle refinement. Other experimental innovators and thought leaders include Amazon's Jeff Bezos, Larry Page and Sergey Brin (co-founders of Google), Saras Sarasvathy, Pixar's Ed Catmull and John Lasseter, Chet Pipkin, Frank Gehry, Bing Gordon, U.S. Army Brigadier General H.R. McMaster, Mihaly Csikszentmihalyi, Steve Jobs, Jeffrey Dyer and Hal Gregersen, Richard Wiseman, and Eric von Hippel.

As Sims explains, his book's proposition is based on an experimental approach that involves a lot of little bets and certain creative methods to identify possibilities and build up to great outcomes eventually, after frequent failures. (Actually, experimental innovation has no failures; rather, there are initiatives that have not as yet succeeded, each of which is a precious learning opportunity.) "At the core of this experimental approach, little bets are concrete actions taken to discover, test, and develop ideas that are achievable and affordable. They begin as creative possibilities that get iterated and refined over time, and they are particularly valuable when trying to navigate amid uncertainty, create something new, or attend to open-ended problems."

Constant experimentation ("learn by doing") is fundamental to this approach, as indicated, as are a playful, improvisational, and humorous environment; immersion in unfamiliar situations, localities, circumstances, etc.; definition of specific questions to answer, specific problems to solve, specific objectives to achieve, etc.; flexibility amidst ambiguity and uncertainty in combination with a willingness to accept reorientation; and, as indicated, constant iteration (reiteration?) to test, evaluate, refine, test again, etc. Those who are curious wish to understand what works. Experimental innovators have an insatiable curiosity to know what works (or doesn't), why it works (or doesn't), and how it can be improved.

It is important to understand that, as Sims explains, "we can't plot a series of small wins in advance, we must use experiments in order for them to emerge." That is, conduct lots (I mean LOTS) of small experiments (betting small amounts of hours and dollars) and then, as small (modest) "wins" occur, increase the "bet" and see what happens...or doesn't. This process is iterative and never ends. The fundamental advantages are obvious. It allows people to discover new whatevers through an emergent, organic process of frugal but sufficient investments, and, it allows for all manner of adjustments (course corrections, additions/deletions, increases/reductions, etc.) at any point throughout the process.

If your organization is in need of breakthrough ideas, why don't you provide them? Peter Sims provides in this book just about everything you need to know to understand the process and what must be done to initiate and then sustain it. However, the discoveries cannot be made until the experiments occur. If not you, who? If not now, when?

I'm reading this as part of a company book club. On a regular basis we select a book which we think will help us see how we work and what we do from a different perspective and we'll look to apply ideas not normally found in our line of work. So for instance how can we convey change management, managing colleagues and thinking about problem solving without having to do an MBA or get into heavy texts. Little Bets has some illustrations of problems, how they're solved in different ways by either individuals or corporates and it's all presented in an entertaining, conversational and story telling tone. Easy to digest and pick up the main themes. Some interesting stories of the beginnings of companies, how they developed or happened upon opportunities, killed or stifled growth, created their own luck or just played to their instincts and took a punt of something being a success. More often than not, starting small and working towards bigger potential later. There's lots of references and quotes from reassuring names and brands to give the ideas credibility, context and lots of human personal touches. I've taken pointers and suggestions that I think can be achieved, are practical and can encourage creativity from reading Little Bets and have been entertained along the way.

If you think you have nothing in common with comedian Chris Rock, the late Steve Jobs, Amazon's Jeff Bezos, architect Frank Gehry, or the geniuses at Google or Pixar, think again. Each of these stars from the worlds of business and entertainment achieved success through "little bets" - a creative, small-steps approach to thinking that helps them develop their products, services, or art. Innovators who use little bets are not afraid to experiment, to take chances or even to fail. They don't start out with a big idea - they discover it along the way. In this brightly written, fast-paced book, author and entrepreneur Peter Sims explains the secrets of small risks and how they can help you realize your dreams in business, art, or whatever field you choose. getAbstract learned from this eye-opening primer on creative thinking and places a little bet that budding entrepreneurs will, too.