Many success stories come from companies that didn't look at innovation as being a dramatic and radical change - or in some cases, what they saw as radical was something others saw as outdated.
For example, in our seminar we looked at the magazine Monocle. In an era where many magazines saw the future as being firmly located in e-content, Monocle looked instead at the consumer market and determined a target audience - in this case, a wealthy, well-educated, middle-class, business-focused audience. To appeal to this market, Monocle funded itself with partnerships with groups that would appeal to this audience, and also considered multiple formats, including the physical copy. To add to the value of each format, they were made unique - different articles and designs in each one, and things like a 24/7 radio station for the online service.
The inclusion of an expensive physical format is something that is generally considered a backwards step for the magazine industry - surely devoting resources to the online format would be best. However, Monocle has managed to take this format and change it into an experience - something that its target audience would pay money for. The lifestyle and culture is what was key here in shaping the magazine's success - not merely rushing to the 'next big thing'.
Ultimately, innovation can come in many forms - in our seminar we looked at Product/Service (creating a new product or effect a product has), Process (changing the way the product is made/service provided/company is run in), Position (finding new and alternative target audiences and consumers), and Paradigm (changing the company's identity, aims and market). It is far more than a mere case of looking for 'The Next Big Thing'.
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