Innovation is finding a better way of doing something.[1] Innovation can be viewed as the application of better solutions that meet new requirements, in-articulated needs, or existing market needs.[2] This is accomplished through more effective products, processes, services, technologies, or ideas that are readily available to markets, governments and society. The term innovation can be defined as something original and, as a consequence, new, that "breaks into" the market or society. A definition consistent with these aspects would be the following: "An innovation is something original, new, and important in whatever field that breaks in to a market or society".[3]

The term “innovation” may just be the biggest buzzword of the last two decades. Strategy gurus have identified 15 different variants of innovation ranging from “red ocean” innovation to “blue ocean” innovation; from incremental innovation to frugal innovation; from disruptive innovation to sustainable innovation; etc. Innovation buzzword bingo, while sometimes parodied, is real and here to stay.

Most abused, Most misused Most Misunderstood

A spell bounding Innovation Story

A spell bounding Innovation Story

Mr. C.R. Vaitheshwaran, Chairman Cadd Centre – a.k.a Head of Cadd Center Famiily

The Greatest Innovations of All Time

1. Weapons 8. Limited liability

7. Property ownership

2. Mathematics and the number zero.

3. Money

4. Printing

5. Free Markets and capital Markets

6. Domesticated Animals & Agriculture.

15. Containerized shipping

9. Participatory Democracy

10. Anesthetics & Surgery

11. Vaccines and antibiotics.

12. Semiconductors.

13. The Internet.

14. Genetic Sequencing

4 Types of Innovation

Albert Einstein once said, “if I had 20 days to solve a problem, I would spend 19 days to define it.” Good advice.

Basic Research: While basic research rarely leads directly to new products or services, many corporations invest serious money into it. Some companies, like IBM, have internal labs doing primary research, while others invest by way of research grants to outside scientists and academic affiliations.

Sustaining Innovation: Sustaining innovation is probably the most common in the corporate world done by internal R&D labs, but many firms outsource it as well.

For instance, when Steve Jobs wanted a mouse for the Macintosh computer, he went to IDEO with clear technical specifications knowing that they had the right skills to produce what he wanted.

Disruptive Innovation: Disruptive innovation is particularly tricky because you don’t know it until you see it and sometimes its value isn’t immediately clear. That’s why venture capital firms expect the vast majority of their investments to fail.

Breakthrough Innovation: Often, a particular field has trouble moving forward because they need a new approach. That’s why breakthroughs often come from newcomers. Einstein and Newton were both in their 20’s when they came up with their major discoveries. The problem is, of course, waiting for a maverick genius to come along isn’t an efficient solution.

What Does Innovation Mean for Smaller Business?

Observation 1.Culture, no bureaucracy, freedom, free will

Observation 2. There are lots of different types of innovation (product, process, organisational, business model, management, marketing etc) so think specifically about where you could make creative change within your company.

Observation 3. Clear on action, next steps, ACT NOW

How to Innovate

Find something people want, then do it betterTake the old and make it new again

Tell customers about the purpose behind your product

If you are an entrepreneur running a small business, what's your strategy for standing out from the crowd?

Developing Innovative Leadership

1) Intensity

1) A long-term perspective.

1) Courage to fail and learn from failure.

1) Deep engagement with innovators.

1) Willingness to tolerate mavericks and protect them

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