What do we mean by 'innovation'?

[Brendan Dunphy]

Scott Berkun in "Why Innovation Is Overrated" on the Harvard Business blog....argues that the term "innovation" is vague and useless and we should be focsing on "making great things". I think that making "great things" will always be relevant but it is a very industrial-era concept that belongs to Edison. The world has moved-on and "innovation" needs to catch-up....here is my response:

"So, innovation is just about products is it? I don't think so. Making great things is and always will be relevant but the world has moved on I would argue that innovation is now much more than this.

With many 'commodity' products and services on the market the differentiation is often elsewhere, maybe in the way it is designed, built, delivered, serviced or in the business model used to connect with customers. Shelly Lazarus (chairman and CEO of Ogilvy & Mather Worldwide) recently stated that over 50% of the stock market value of corporations is now in intangibles. If correct, it raises the question of what role innovation plays in creating intangible value, beyond the product or service these firms sell?

I would argue Scott that rather than get bogged down in how the term “innovation” has been or is being used that it would be more useful to develop a more encompassing definition that better addresses the opportunities and challenges we face - economic, societal and environmental. We need a new definition for a new era, and that definition needs to go beyond the product and encourage and enable us to see the scope for and innovate in every thing we do to create value rather than just the next SUV."

First published on "How 2 Farm Lightning" innovation blog July 17 2008.

[Brent Waldman]

thanks for the insightful article. Very thought provoking.

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[christo vineeth]

very good explanation regarding innovation. i agree "making great thing" is right but i personally feel that "making great things in unique way" will be best suitable. but innovation world has came into practice and we can't take out that
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