Exploitation involves improving and refining existing products and processes. This typically happens through a focus on efficiency and execution.
In contrast, the focus of exploration is on identifying new ideas and ways of doing things. This involves things like risk-taking and experimentation.
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Similar ideas to Novelty: exploitation and exploration
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, succes...
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