The Midwest is well known for its new innovations, in large part because of the internationally-known innovator, Thomas Edison, from Milan, Ohio.

In October 2008, Edison’s great-grandniece, Sarah Miller Caldicott, released a paperback version of the book that she coauthored with Michael J. Gelb. Titled “Innovate Like Edison: The Five-Step System for Breakthrough Business Success," this book provides a detailed analysis of the innovation process used by Edison.

In this book, you’ll also discover how Edison created new markets for his products; and how he determined the needs of consumers – and then provided value to them.

The book about the innovation process of Edison has been featured in national media and has already been translated into 3 languages.

“Innovate Like Edison" has been featured in:

• New York Times
• USA Today
• Fortune Small Business
• 800-CEO-READ
• Investor’s Business Daily

Leading universities and colleges are using this book as a textbook, including:

• Northwestern University
• McCormick School of Engineering & Applied Science
• DePaul University
• Illinois Institute of Technology
• Arizona State University

Edison was also a successful entrepreneur, developing six industries that have a market value today of more than 1 trillion dollars.

In order for you to be a successful entrepreneur, consider making new innovations in your business following Edison’s model. His innovations certainly put the Midwest on the map!

What could the research and development department at your Midwest business do with freed up cash flow management?

What products or services could they improve upon or develop from scratch? What processes could they create that would make a significant difference to your company’s bottom line?