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...