Innovation INC: The Business of Innovation
Innovation is described as “a new method, idea, product, etc.” Pretty simple, right? Yet innovation is quite complex and can serve as the accelerant organizations need to grow.
No longer a “concept,” innovation is now the lifeblood of organizations, impacting technology, culture, clients, operations, and the bottom line. Regardless of vertical sector or business model, innovation is driving growth, is at the core of change, and is critical to success. But how does the business of innovation happen and how can it deliver a Return on Investment (ROI)?
At one point, innovation was used as an adjective to describe new ideas or creations. In today’s marketplace innovation is a game-changer and can determine the success or failure of organizations. Look at a company like Apple. Innovation is at its core – it’s what drives Apple, it is its differentiator and is core to Apple’s culture. Consumers, media, and analysts wait with anticipation for Apple’s annual keynote, where company leadership present the next round of product innovation that directly impacts Apple’s stock, it’s sales and its brand.
Innovation is the driving force behind all types of sectors and markets, public to private sector, B2B to B2G to B2C.
In the public sector, innovation is key to a government agency achieving its mission and delivering better outcomes for the American public. Large, clunky programs are no longer the order of the day; today it’s about delivering ease of use, adoption, and improved “user experience”. In the private sector, companies are creating new solutions to old problems and creating new markets all based on innovation.
B2B innovation has produced countless examples, such as SaaS, that break through enterprise software to provide a scalable model that helps businesses onboard and improve their operations online with easy updates and added features. B2C innovation has created a wide range of e-commerce models that allow companies to offer consumers a fast and simple approach to transactions that enables shopping, banking, etc. from home on any device.
Software, shopping, phones, groceries, ancestral and dating websites are all part of innovation in the marketplace. One thing you can count on is it will always evolve and change. This continuous change paradigm is alive, well, and thriving and the driver is technology. Technology changes are core to innovation and customer demand. It creates more frequent demand that results in ROI through more sales, more revenue and ultimately more innovation.
The business of innovation is a dynamic discussion. Join the discussion on November 7 from 4pm – 6pm for the CVP Speaker Series @ GW event “Innovation INC.” featuring a prestigious panel of innovation leaders:
Director of Business Technology Solutions for the Small Business Administration (SBA)
Chief Innovation Officer of the Libra Group