Jun 2, 2022

Defining True Innovation

The concept of innovation must be among the most overused in business circles today. In our industry sectors, schools, colleges and nonprofits claim innovation as a common organizational attribute. And, what they pass off as innovation is often nothing more than staying up to date with the industry.

No, innovation is much more than that. True innovation does four things:

Innovation breeds choice. Most good innovations provide customers with more choice and an increasing stratification of offerings.

Innovation decreases price. Most good innovations find a way to live out “Blue Ocean Strategy”, giving consumers more choice with less cost.

Innovation enhances the experience. Most great innovations make the product experience better for the end user, the customer.

Innovation produces integration. At the end of the day, most great innovations end up living within an ecosystem of products, with mixed price choices and mixed delivery options. Innovation rarely remains a stand alone product category.

True innovation actually benefits the end-user, the client, by bringing more to the table without asking for more in return.

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