What is Innovation?
Innovation is the process of coming up with new and creative ideas. It may or may not be a random process. It can be explained as the implementation of a new or a significantly improved product, processes or services that provides Startups & SMEs to Grow their ROI.
Most people all over the world think that innovation is all about ideas but in fact, it is more about a delivery, people, strategy and process.
We all are aware of the fact that creativity is the main key factor for innovation. Creativity is a discipline that is a crucial part of the innovation equation.
Entrepreneurs are looking forward to understanding the execution challenges in the process of innovation. If they think to carve out a profitable niche of their startup, the key is to keep innovating to build and maintain a sustainable competitive advantage.
People think they know how can innovation can take place or to make innovation happen on a particular subject. There reside many myths about innovation that are very common in business and in the real world.
Let us look top myths about innovation that I was able to sum-up and think they are particularly instructive.
1) The myth the best idea wins:
We remember the names of the winners and history blames losers for their fate. Marketing, politics, strategies, and timing of innovation have tremendous influence on the idea, innovator and its competitors. The world of ideas is not a meritocracy and you need to act accordingly.
• It is not necessary that the best innovation idea gives good results.
• Failed ideas have the same caliber to mark a place in the market.
• Details of the failed ideas are more complex that fades away from history.
2) The myth that innovation is always good
Innovation can never always be good. So, the impact of an innovation must be calculated. What impact your idea will have in 1, 5, or 10 years. Innovation is a change and all changes help some people and hurts others. Many horrible changes were made with the best intentions. Any successful idea has multiple consequences that cannot be predicted at an initial stage.
• The scope of innovation should be calculated.
• The impact of innovation should be measured.
• The usage of innovation should be strategic for positive as well as negative responses.
3) The myth that good ideas are rare-
People are made for creativity. Sometimes this creativity is sacrificed under the pressure of social status. The conventions of adult life demand conformity make us that happen. Adults are supremely and instantly judgmental that leads to the killing of their own innovative ideas before proving their worth.
• Brainstorming sessions can help to rediscover creativity.
• Ideas don’t come with the nerve to fund in them.
• Good ideas are everywhere only you need to get the right people and approach for it.
4) Innovation is about the newest thing–
Most people think that innovation is about throwing some innovative products in the market. Sometimes innovation can turn out to be a step-change into the lives of the people. Most of the innovation is incremental and is life-improving innovation. For instance, AI drones replace fighter jets or a simple curved shower rod or any other product or services. Little improvements and developments in every sector are being introduced all the time.
• New thing is not always fruitful
• Improvement is a part of the innovation
• New things may or may not be a step-changer to the industry.
5) Innovation is a solo activity
We people have considered innovators as geniuses with brilliant minds throwing their wild ideas into a product and blowing more inventions. It has become our consistent thinking that innovation is a solo activity but the truth is that innovation has never been a solo venture.Mad scientists and many innovators need other people to implement the innovations they have dreamt of. The other people become a helping hand in improving their invention.
• Innovation is not a solo pursuit
• Genius take help of other people
• Improvements are done in every innovation
6) Innovation can’t be taught
Everyday many experienced professors are teaching organizations, businesses and many individuals on how to become an innovator. They basically focus on how to get in touch with your inner innovator. Teaching innovative thinking is different from regular teaching of subjects like maths, or any other language. It focuses on how to harness their existing natural curiosity to innovate.
• Can be taught but not like any subject of the curriculum
• Experienced professors handle this
• No age of innovation
7) Innovation is top-down
The birds flying in formation knows where the risks are and from where it can be seen more. In a hospital, it is very necessary for a nurse to wash hands before or after an operation. So, innovation is top-down that means ideas should be creative and concrete about how to innovate. It should be important for the higher-ups to listen.
• Innovation is top-down.
• The approach to innovation should be appropriate.
• The ideas should be concrete.
8) You can’t force innovation
It is very true that you cannot tell others to start innovating randomly and expect much to come out of them.
It is not necessary that everyone can innovate but with a good environment anyone can try to innovate.
• Provide them with a good environment to innovate
• Innovation can be encouraged and increase curiosity
• Curiosity promotes innovation.
9) Change is always good
It is the biggest myth for all time. It is not necessary that a change is always good in the market.
There have been many experiments in terms of improvements and has been turned out to be a total failure in the market.
• Better to stick on what you have worked in the past
• Do a large and thorough survey of the market and the requirement.
• The product launching in the market should hit the target audience.
10) Innovation isn’t for everyone
Let’s end this myth. Innovation has never set any parameters on age. A person might innovate something worthy on any field at any age. There are kids to teenagers who developed innovative things and got their names registered in world records. Kids have the maximum questions about anything that can lead to innovation of many brilliant ideas.
Humans have been creative for ages and have been innovating things for generations for the ease of living. It is because of our ancestor’s creativity we are not living in the caves,we have wheels for easy travel and the technology is getting better everyday We try a lot before innovating a final product. What matters after the innovation has been done and the product has been deployed is the value generation that an organization gets. The values generation of an organization is a blend of imagination, creativity, empathy, innovation leads to value generation.