Overview

An excellent framework developed by Bertrand Russell, you may already be aware of this model or you may not.

Let me begin with a simple example illustrating what Bertrand Russell so eloquently wrote and published all those years ago.

How this matrix works

Let’s think of this within the context of our own companies.

This diagram below is characterised as the Known-unknown Matrix. I didn’t create it, but I often use it as a tool to illustrate how NewLedge® thinks.

On the left side (or Y axis) we have Our Company Awareness. 

On the right side (or X axis) we have Our Knowledge* Sources.

The Known-unknown matrix

Note: They are actually information sources before they become knowledge sources, but we will get to that further in the NewLedge®-Program.

As Owners / Managers, we all need to be vigilant, remaining aware of internal, and in particular, external factors that impact our organisations. Of course, we all do our best to stay up-to-date and maintain industry currency. On the other hand, there is also a lot of conflicting information out there right? What’s more, the landscape is constantly shifting at a rapid rate. 

Becoming self-aware

Let’s reflect back on our Known-unknown Matrix.

In the top left Our Company Awareness is Known and the Knowledge Sources are Known. Basically, your company knows what you know. I made the Known-unknown Matrix a bit easier to follow by indicating the Y and X axis in this first quadrant. If you are still a little unsure, we have training and coaching techniques to help you make more efficient and effective use of what you already know.

By developing your exploration capabilities in this program, you will learn how to utilise the NewLedge®-Portal to establish effective routines to identify, store, and maintain newly obtained external information and knowledge. We know that you and your company already know a lot. NewLedge® is not here to tell you how to balance your ledger, then proceed to install MYOB and design a vision board.

In the top right, Our Company Awareness is Known and the Knowledge Sources are Unknown. Here we ‘Know that we don’t know’. Congratulations. Your company is aware of some of it’s’ weaknesses and is therefore open to the possibility that there may be external environmental threats. This is crucial. In this case ‘Your company knows what you don’t know’.  

Your company knows what you don’t know

Key Takeaways

1. Be honest and upfront about what you do know and what you don’t. 

2. New knowledge of the scope and effectiveness of your current capabilities, alongside the ability to identify external threats, allows you to approach innovation from a position of strength. 

Again, talk to our NewLedge®-Partners about this. They are experts in managing the innovation gestation period across sub-sectors.