Value – the Innovation impact

Value – the Innovation impact

innovationInnovation is often associated with technology, but that is not the case.  Every business should be innovating – constantly.

As Peter Drucker said:

“Innovation is the specific instrument of entrepreneurship, the act that resources with a new capacity to create wealth”

Strategic Innovation is not confined to white coats or techies, neither is it a once a year rain dance or a ‘consulting project’.  It must be deeply embedded into the organisation as total quality, cycle time reduction or customer service.

It is the power to reinvent the basis of competition within existing industries and to invent new industries.  You can do this by engaging

  1. New voices
  2. New questions
  3. New perspectives
  4. New passion
  5. New experiments

BUT … make sure that there is asymmetrical upside and limited risk, be ahead of the trend, but not a pioneer – they get attacked and sometimes slaughtered.

Effective innovation can (and does) increase earnings and hence value (if implemented effectively, constantly and consistently).

phil@philolsen.com

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