We are wrapping up our three-part series on busting the most common innovation myths by focusing on the three major ones related to ‘innovation practice’.
Original Source: Strategy + Business
Innovation Is About Technology And R&D While exploring new technologies can be exciting, innovation is much broader. It is about creating value for customers with business models that scale. This is why the Nintendo Wii was able to succeed with inferior technology but with a great value proposition and business model, (for example). Innovation based on technology and/or R&D is just a subset of overall innovation opportunities. Verdict: WRONG!
It’s All About Great Ideas Companies are constantly looking for more ideas using tools like idea jams and competitions. This is not enough - ideas are a dime-a-dozen and just a small part of the equation. Successful innovation is about turning the combination of great ideas into a business with a sustainably profitable business model that can create value for customers. Verdict: WRONG!
You Can’t Learn Innovation This is a myth propagated by the press that puts successful entrepreneurs on the cover of magazines without highlighting their learning journey and the long trail of failures that usually preceded their success. The truth is that entrepreneurial tools, methods, and skills can be learned, especially if we are given the chance to gain experience and practice with real innovation projects. Verdict: WRONG!