Innovative strategies and solutions can lead to significant competitive advantage.

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There are many more categories and types of innovation than most executives may imagine.
 

Distinguish between innovation and invention

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• These related concepts are not synonymous: innovation is not invention
   

  • Invention:

    • Creating something completely new, that has never existed before. 

    • Example: the invention of antibiotics
       

  • Innovation:

    • Taking things that already exist and putting them together or using them in new ways.

    • Example: the Apple iPhone – phone, iPod, internet browser, and touchscreen — four previously invented products combined into one.

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• Creativity and innovation are two distinct steps
   

  • Creativity is thinking new things.

    • Some creativity techniques include: World Café, Open-Space Technology, Graphic Recording, Brainwriting, Six Thinking Hats, the Lotus Blossom, and hundreds of others!

    • Through a strategic partnership, we also have access to dozens of "serious" business games, including Innovate or Dinosaur     , Fast Five Cube, Sneakerfish    (how would nature, another profession, or another industry handle this challenge), as well as Customer Service game called Listen, Learn and Lead.
       

  • Innovation is doing new things… better than competitors to create competitive advantage. This is the commercialization phase of the creative idea.

    • The "adoption of innovation" curve and "crossing the chasm" are two of several phenomena to be considered when the innovation is being commercialized.

    • It is critical to evaluate the ROI (return-on-investment) of any major or multi-year project. We recommend using Net Present Value (NPV) which calculates the value of future cash inflows (e.g. sales revenue) minus the initial investment (e.g. new product development) and any associated future cash outflows (e.g. ongoing maintenance costs, technical support, product upgrades, and so forth).

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We offer a multitude of models and tools to help you tap into the 5 categories and 12 types of innovation. Let's talk! We're happy to discuss the various forms of innovation and which ones might apply to your organization.

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