Revolving around bringing something new into the marketplace, innovation may include new products, services, processes or systems. Innovation is a new way of solving an issue which is an improvement to any preceding undertaking.
Requiring environments conducive to risk-taking and creativity, the key to building innovation is individuals and teams.
To survive in today’s fast-moving marketplace businesses require a shift towards speed and fluidity, agility, fluid organisational boundaries, creative empowerment, purpose and competitive advantage.
Core elements of innovation are also present within design thinking – and aside from the above include: passion, disruption, connectivity, and committed.
Primarily, innovation requires the capability and capacity to identify and analyse a problem, deficiency or opportunity and to develop and deliver a solution which is effective, timely, responsive and cost effective to the relevant environment in a way which is embraced by the target market.
Rowan Gibson considers there are four key lenses to innovation:
– Challenging orthodoxies (ask sceptical questions);
– Harnessing trends (storms of change are the window to a new era);
– Leveraging resources (identify and capitalise on the combination of skills and assets within reach); and
– Understanding needs (observe, discover, investigate and analyse).
Innovation is the collision of creativity and strategy.