Colloidal quantum dots (QDs) hold great promise as electrically excited emitters in light-emitting diodes (LEDs) for solid-state lighting and display applications, as highlighted recently by the demonstration of a red-emitting QD-LED with efficiency on par with that of commercialized organic LED technologies. In the past five years, important advances have been made in the synthesis of QD materials, the understanding of QD physics, and the integration of QDs into solid-state devices. Insights from this progress can be leveraged to develop a set of guidelines to direct QD-LED innovation. This article reviews the fundamental causes of inefficiency in QD-LEDs understood to date and proposes potential solutions. In particular, we emphasize the challenge in developing QD emitters that exhibit high luminescent quantum yields in the combined presence of charge carriers and electric fields that appear during traditional LED operation. To address this challenge, we suggest possible QD chemistries and active layer designs as well as novel device architectures and modes of QD-LED operation. These recommendations serve as examples of the type of innovations needed to drive development and commercialization of high-performance QD-LEDs.