Innovation is something that is sorely needed – in our businesses, in our communities and in our country. Yet despite its benefits, innovation is becoming increasingly difficult to achieve.
In the business world, innovation is often described as “The process of translating an idea or invention into a good or service that creates value or for which customers will pay. Think of the GE slogan, “We Bring Good Things to Life.” However, I tend to favor Scott Berkun’s definition, “Innovation is significant positive change.”
What does significant mean?
In this broader context, significant is a 30% or more improvement in something. So, you could argue that any time changes are made to anything that results in a 30% or more improvement, you’re innovating. To simplify further, innovation is not invention.
Think of the BASF slogan … “We don’t make a lot of the products you buy. We make a lot of the products you buy better.”
This makes innovation a little bit easier to tackle now, doesn’t it?Continue reading…