Innovation is the fuel that keeps a company growing, especially in today’s fast paced marketplace. Here is a link to a discussion around Apple and whether they are maintaining their edge with regard to innovation. Here are a few takeaways on how this could apply to your business:
- Invention vs. Innovation – your company needs to have both to really accelerate your business. A unique invention comes to life with an innovative go-to-market model.
- Innovation comes from multiples places: really understanding your customers and their needs, leveraging your company’s assets and organizational knowledge, and looking forward to anticipate future needs – skate where the puck is headed, so to speak.
- A balanced innovation portfolio – to truly have a focus on innovation your organization needs to consider a variety of ideas with varying time horizons, cost to commercialize and likelihood of success:
- Small, incremental improvements to existing businesses
- New market innovations
- Moon-shot projects
Only with a portfolio that includes a representation of all three will an organization truly develop an innovation eco-system.
- Deep customer understanding – Successful innovation relies on a deep understanding of the customer and delivering against their “job to be done” – it’s a constant, but always worth emphasizing.