Beyond the word.
WHAT INNOVATION ACTUALLY IS
Doing something differently in a way that produces value.
WHAT IT IS NOT
Novelty for its own sake Technology Something only large companies do
WHAT FORMS IT TAKES
New products New services New ways of delivering New ways of reaching customers New processes reducing cost New business models
WHY PROCESS AND MODEL INNOVATION DESERVE MENTION
They are frequently more valuable and less visible than new products.
WHAT DETERMINES WHETHER IT SUCCEEDS
Whether it solves a real problem Whether people will pay Whether you can deliver it Whether it can be sustained
WHY THE FIRST TWO SEPARATELY
People acknowledge problems they will not pay to solve.
WHAT MOST NEW PRODUCTS FAIL FOR
Nobody actually wanted it It solved a problem people tolerated It was too expensive for the value The business could not deliver it consistently It was launched before it worked
WHAT TO ESTABLISH BEFORE BUILDING ANYTHING
That a problem exists and that people will pay to solve it.
WHY
It is the only question that matters and it is the one most often skipped.
WHAT TO TREAT THIS CATEGORY AS
Practical guidance for businesses of any size developing something new.
