Why Innovate?

4 January 2010

Businesses need to innovate to succeed.

All around us new products and services become available are a result of the innovation process.

Our customers pose new challenges to our business every day and we need to respond.

Innovation. “… the alteration of what is established.” Definition of innovation from the Oxford English Dictionary.
Why innovate? “Innovation is the key to growth because it delights our customers. That delight is the basis for long-lasting customer loyalty” (Dr. William Cone, 3M´s Vice President for R & D, 1966).
Failure to innovate. “He that will not apply new remedies must expect new evils; for time is the great innovator” (Francis Bacon, Essay on Innovation, 1625).
Barriers to innovation. These are broadly categorised into business vision and capability. Business vision – failing to see changes in market conditions and their impact, both threats and opportunities. Business capability – expertise in running the innovation lifecycle.
Innovation process. The innovation process comprises 4 steps; idea generation, evaluation, development, and implementation.
Financial profile. Idea generation and evaluation are low cost exercises; the real financial commitment comes during development and implementation.
Skills. Different skills are required during each step of the process as ideas transform into business solutions to release business benefits.