I perhaps should have started my posts on innovation by defining what innovation is. Here are twelve truths about innovation that I hope will help you in coming out market leading innovations.
The 12 Truths
- Innovation is more than a creative idea
- It is about converting your intangible creative ideas into providing tangible business value.
- Know what are valued by your customers.
- The present thinking is about creating a wow-experience that they may ask for more.
- Innovation is must – see the facts.
- It is very easy to copy. Innovation is the only way out to create profits. But you must know how. It is much more than offering more features.
- Apply MiniMax principle of differentiation.
- Innovation is more than a product
- know the ’much more’ to bring your offering to new height.
- Customers don’t buy products. They buy them to achieve their effects. They want holes not drills said some guru. We could go higher. They want to stick things together – holes, screws and nuts are but one way to stick them. Go further to satisfy the real needs of customers. That is how you differentiate.
- Innovativeness can be measured – know the levels.
- There are incremental and there are disruptive or radical.
- Understand where you are on the S-Curves of technology and market.
- Innovation is measured by how much you achieve a win-win, a breakthrough, from a compromised situation.
- Innovation need not come by chance but by design on demand.
- Learn the systematic innovative method – BVITS.
- Understand your offering don’t not just take off
- It must grow with Market Life Cycle or die.
- Different stages of the life cycle require different kinds of innovation.
- Innovation need not come solely by new technology
- Know how to create a New Market without Competition by understanding the multi-stage and multi-touch points of the experience creation process.
- Not get caught by Disruption.- It can be Predicted.
- Innovation must follow a process – know the keys to build one
- Don’t Do it Alone – know the new ways.
- Get customers, suppliers, partners and other involved in your innovation.
- Work with, ride on others production, distribution and other channels as well.
- Stand on their shoulders and not step on their toes or provide the shoulders for others to stand on.
- Innovation must be measured – execute With Balanced Scorecard
- Without measurement, there is no learning and no control.
- Innovation is about execution too.
- Innovation must be sustained with Culture and beats the one-off success.
- We need the culture and the environment or the ecosystems to sustain innovations.
- One off innovation is one-off. It will have it success and also its death.
- Sustainable growing companies have a innovative culture where innovation flourishes.
Here is a mind-map in the 12 truths of innovation.
If you want to know more, perhaps you can sign up in one of courses through NUS Extension.
Bvotech Copyrighted 2011 Feb.