One of several blogs dealing with
this topic...
Innovation
- The introduction of something new and different.
The innovation ecosystem
One
pundit says that there are 4 major components to an innovation ecosystem:
Product, Process, Organization and Market.
This may not be THE answer, but it is something people can work with.
Let's
start with Market
If
you are General Motors, how do you come up with something truly new and
different? Cars provide
transportation. They move you from point
A to point B. Today, the best they can
do is provide innovative accessories.
If
you are Apple, you are not limited by 4 wheels.
Really, they are in the field of communications - one to one, many to one
& one to many. There is still room
for something new and different [innovative] with mobile phones, tablets,
laptops & televisions.
What
does innovation bring to the table?
Apple's
reward is that the public perceives their products as innovative and cool. This allows them to charge a premium.
The
public doesn't perceive cars as innovative so General Motors doesn't get to
charge a premium. However, sometimes
they can charge a premium for being cool.
The Take Away...
Is
your marketplace open to innovation like Apple's? Is there an opportunity for you to provide
something new and different to your customer base? Remember, innovative products allow you to
receive a premium price.
More
next week...
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