Reading time- 2 minutes
Category – Business
As we progress further; average life of a corporation is decreasing.
In last century it was 50 years, now it is roughly 10-15 years.
Disruption is speeding up. Big guns fail fast.
This happens ?
One big reason is lack of innovation.
Companies that don’t innovate fall behind.
Whenever a disruptive innovative idea surfaces in market, it kills many behemoths.
When Amazon came, it killed bookstores.
When iphone came, it disrupted camera and music industry.
So innovation keeps organization healthy and long lasting.
What is innovation actually ?
“Innovation is anything that adds value to organisation and solves problems.”
It is not same as invention.
Not same as discovery.
Types of innovation-
1. Empty – Not very useful. Adds very less value or no value.
Like Segway which was presented as revolutionary transport device. But still it is struggling to make a mark.
2. Incremental –
It is small improvement in already useful technology or process.
It adds value over long time. It is also called horizontal progress.
Like improvements in delivery and storage services by Amazon over time.
Improvement in smartphones in each subsequent model.
3. Breakthrough –
It is significant improvement or addition but not disruptive to other existing companies or businesses.
Like Face ID of apple.
Falcon rocket of Spacex as it created reusable technology for space travel.
Wandy Parker online glassess company which changed the way glasses are bought by customers.
It is rare.
It is genre killer. It kills many businesses.
Uber for taxi business.
Netflix for cable tv.
So, in few articles I will try to share internal workings and intestines of innovation.
In the process let’s try to gather few important insights.
I will share what I have learnt by reading some great Books about ideas and innovation.
Inspiration – Innovation mandate by Nicholas Webb
Get your copy