Innovation Matters

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The biggest and the most successful companies in the world are the most innovative, so innovation is very important and that is why we will spent several articles on this theme.

SOME QUOTES

 "You can only win the 'war' with ideas, not with spending cuts" 
 – Klaus Kleinfeld, President and CEO,  
Siemens AG  (Source: IBM Global CEO Study 2006)‏

"Today's inventions need to be on the market before tomorrow morning,  otherwise others will pick them first".

"Being creative is risky – higher price, but also higher reward".

"Ideas without risks are useless, while risks without ideas are stupid".

 

WHAT

Innovate = "To make changes, to do something in a new way."

Innovate = "Creating Need!"

(Sometimes when need doesn't really exist!)

Inventions are

  • Creating something new that did not exist before
  • New solutions to existing problems
  • Result of human creativity and curiosity
  • Successful inventions – demand driven
Most inventions – incremental development of technology, the result will be:  (technology and innovation, the never ending spiral)
    • improved quality
    • better performance
    • higher productivity
    • more customer satisfaction
    • reduced cost

WHY INNOVATE? 

Process improvement and gaining efficiency is standard
Competitors are innovating
Accelerated delivery timelines & shortened product lifecycles
Grow through innovation
Innovation is now a strategic imperative

 

TYPES OF INNOVATION 

Product / Service Innovation
Business Model Innovation
Operational Innovation

 

GET INNOVATION

Good ideas can come from anywhere: 

Employees
Customers
Suppliers
Shareholders
Other Stakeholders
Industry practices
Competitors

Invention and Innovation need Imagination!!

 

 

Clues to Innovative Companies

Do they …

  •   Kill the mindset that innovation is only about inventing the Next Big Thing?
  •   Build a culture where there is no such thing as a bad idea?
  •   "Keep it focused; keep it simple?"… Peter Drucker
  •   Value diversity & collaboration?
  •   Make it fun?

 

How do companies go with innovation? (the most important part)

Innovative Innovators for this year 2010

Apple, Google, Microsoft, IBM and Toyota

How are they innovative and how do they do it?

 

 

…….to be continued

 

Sources

 

CashflowEC

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