Great innovators are known for risk-taking and experimentation. But optimising needs a different skill-set that relies on refinement and efficiency. It is then rare to find people that can innovate and optimise.
A typical story is that a founder launches a startup, successfully grows it through the initial stages, then gets replaced by a more experienced CEO. However, the best results are produced when exploration and exploitation coincide.
Startups are in the exploration phase and change to the exploitation phase when they become mature businesses. It can be a costly mistake when they are unwilling to switch back when needed.
Many organisations focus on the exploitation of their historically successful business activities while failing to explore new territory to improve their long-term success.
The key to success is to balance exploration and exploitation.
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