The nature of innovation is often misunderstood. The business literature (and startup community) often celebrate and focus on disruptive innovations that bring something completely new to the market. In contrast, many businesses focus on iterative innovations that seek to catch up with the competition. In between these trends falls another (of many) available strategy that focuses on adding a new (but non disruptive) product/ service offering to an existing asset.
The question is not which one is more valuable to the business but which one is more valuable to the customer?
Emphasis should be on strengthening existing assets and competencies before launching into a new space. Some forego this step and have been rewarded but more have experienced upset and lost everything. The lesson here is to ‘look before you step’ or run the risk of launching a project without the supporting foundation.
Define Innovation
What is innovation? How is it defined? This task begins answering some of those questions.
What is the purpose of Innovation?
Next, test your knowledge on the definition and purpose of Innovation.
Test
Applying Innovation to Business Strategy
Applying Innovation