Innovation Ideas come from many different places and individuals with innovative ideas are usually quite scarce. One of the great things about the Internet is that you can get ideas from everywhere, including from folks that may not be household names to people with zero start-up capital. The challenge is to sift through all these innovators and determine the quality and/or quantity of the innovation they bring to the marketplace. For innovation ideas to be profitable they need to be marketable, so it is important to determine what type of marketplace you want to be part of. Not every idea can or should be part of a particular market sector.
What Is Innovation? Many businesses often struggle to come up with new ideas because they are attempting to apply current methods to solve problems in complex or unfamiliar environments. The key is determining what problem your company or organization are solving and then using knowledge from diverse fields to create a solution. The best way to determine if an innovation idea is good for your industry is to look at your competitors and determine if they are using any unique strategies that can help your business to compete or succeed. After you have identified what problems your company needs solved, you can then build on the innovation ideas by digging deeper into those problems, developing a “road map” to their achievement and determining whether it makes sense to take a chance and launch an innovation project by launching the most viable products or services in the realm of your industry.
What Is Innovation and How Do You Apply Them To Your Organization? Innovation is actually defined by Wikipedia as an innovative product or process, often new but well researched and designed to a high degree to enable it to perform as promised. The definition is not specific enough to define a product as innovating, so we must refine it in order to make it meaningful for our purposes. In other words, innovation should be viewed as a process instead of a product or service that quickly solve a specific business problem, as was done in the example given above where the invention was to refactoring a previously successful business model into something new and improved. In addition, we must also understand that innovation is much more than simply finding a way to fix the problems that are being highlighted by current strategies, as noted above, but must embrace being a proactive enterprise that works toward constantly improving or even inventing the future.