Business and Management
Submitted By Ultw3ird0
Where Innovation Starts
Modern businesses today view innovation as a way of achieving rapid growth. It's seen as a necessary component in the success of any business. However, there isn’t a clear consensus on the definition of innovation. The Merriam-Webster dictionary defines Innovation in two ways; as
“a new idea, device, or method” and, “the act or process of introducing new ideas, devices, or methods”. Innovation is usually assumed to be the conception of something completely original, but this isn’t entirely true. Innovation is the creation and application of something in a way that has not be done before. It has more to do with execution than it has to do with plain thought or conception. It is practical yet employs creativity. For example, everyone praised Apple’s innovation in the conception of the iPhone and the way it changed mobile computing and telecommunication forever. However it is also well known that Apple invented very little in its design. They took existing technology and found new and coherent ways to apply them in solving problems customers faced in mobile computing and ultimately reinvented the category.
With this in mind, every company should seek to innovate as a way to grow their business. The availability of the internet and ready access to information has made this easier than ever before. Founders now join incubators and accelerators as a way to bolster and accelerate their innovation capabilities of their startups in hopes of “growth hacking”. Despite all this, innovation is a tricky thing to bring into a business or startup. In trying to figure out where innovation starts, my research has narrowed it into 3 fundamental components, Technology,
Creativity and Diversity which I will elaborate below.
The modern world is technology driven, and business is no exception. Finding new ways of integrating…...