Talk of innovation can have a lot of buzz and mystique.
The most important things are:
- Grasp its core meanings
- Make sure we each have the necessary skills and knowledge to play our role.
Here is a definition:
Innovation is executing a new idea to create value.
There are three parts:
Executing…: Having a bright idea or inventing something is not enough! It must be developed so it can be produced or carried out and it must be distributed or communicated to those who can benefit from it. The world generally has more than enough new ideas.
…a new idea…:
It must actually be new in your context. Thomas Edison was not the first person to patent the light bulb – his was the twenty-fourth patent! He perfected the light bulb and then went one step further and created the situation for light bulbs to be used. His company built power stations then put wiring into his customers’ homes and businesses so they could use his company’s light bulbs. Edison executed!
…to create value: There must be a compelling reason for people and businesses to adopt your idea or technology. The world with your innovation must be substantially better than the world without it.
Solving the problems to make your invention real, providing the necessary complementary systems and ensuring it is distributed and ‘catches on’ are all important for innovation.
This work requires a great deal of knowledge, many skills and a special attitude to innovation.