There’s more to innovation than just new products.
I read yesterday that the First Minister of Wales has confirmed two new funds backed by the EU and private sector to support innovation in the region’s economy. At first the £115m package ex
cited me…I am the CEO and Co-founder of an innovation and idea management software company after all. But upon closer inspection, my heart sank as I realised the fund was for the creation of new products, only.
New products are of course a vital to economic growth. But they are just ONE dish on the innovation menu as it were…and the dish found at the most disruptive, risky end of the menu.
This isn’t the first time that I’ve seen the media or companies themselves mistakenly defining innovation in this way. Most still see innovation as a polarised term, primarily because no-one really understands what the phrase means or is. As our research for our Everyday Innovation report illustrates.
This polarisation means that organisations are either innovating incrementally – with small, internal, low risk, organisational changes which can happen continuously but generally have low impact; OR disruptively and radically – with game-changing, strategic, high-risk, external, infrequent but high impact changes, such as new product development.
This polarisation, and promotion of innovation being all about the development of crazy new products, paralyses many organisations and individuals. It puts innovation at the specialist R&D fringes, when it should be accessible for all in the mainstream for it to drive real business value.
Rather than the government saving financial backing exclusively for the development of new products, I think it should be educating and supporting businesses thorough-out the innovation spectrum to see sustainable and continuous economic growth.
To see how Wazoku brings innovation to the every day, view our Product Overview, and see the advantages of Idea Spotlight for your business.
You also might be interested in our upcoming report: Everyday Innovation. Working with industry experts, we aim to deconstruct what Innovation really means, and show you our own best practices, and how to stay ahead of the market through the power of innovation.