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Sep

2011

Drop Innovation from Your Vocabulary

"Type "innovation" into hbr.org and you will get nearly 4,700 results. For many ills, innovation is seen as the panacea — management's equivalent of motherhood and apple pie — and few would challenge its significance. Indeed, one recent news article described it as today's equivalent of the Holy Grail, so to suggest dropping it from your company's vocabulary may come as a shock. Many of you will see it as deeply heretical, particularly riding on the coattails of the recent posts extolling Steve Jobs's innovative genius."

blogs.hbr.org/...innovation_from_your_voca.html

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innovation productivity convenience speed choice benefits security prices value valuecreation

The word "innovation" comes from the Latin word "novus" meaning new. Creating something new is the goal of most innovation initiatives, but new does not mean valuable
Once you start thinking in terms of increasing value to customers, numerous potential enhancements reveal themselves, creating a range of options that extend far beyond adding new features or extending performance on existing dimensions. At a high level, there are eight ways to create value for custome
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- Thinking in terms of creating value for customers rather than innovation ensures the focus is on customers rather than the company. Success requires starting with the desired end in mind, not the means of achieving it.
- Innovation experts will argue that when done rationally and properly such traps are avoided. But as pointed out in my previous post, we have learned from behavioral economics that assuming rationality is irrational.
- Over the past ten years, innovation has become an industry in itself. Innovation experts are the first to encourage businesses to be heretical and challenge the widespread assumptions of their industry. Perhaps it is now time to do the same with innovation?