Response to Monday's Innovation Seminar

Monday’s seminar explored the issue of innovation and enabled me to gain a broad perspective on this increasingly important aspect of the business world. Whereas previously I would have always associated the term “innovation” with massive change and breakthrough inventions, I now appreciate that innovation can come in many different guises.

Innovation is about creating value in new ways and this does not solely mean a radical product breakthrough but instead can include change on a much smaller scale such as a minor product update. A business also does not have to focus its innovation efforts on the product itself but can find new opportunities by also looking at the way the product is made or distributed or how it is positioned in the market.

However, what is key at all stages of the innovation process, whether it is a product, process, paradigm or positioning innovation and whether it is radical or incremental, is that one takes account of the big picture and pinpoints what the purpose of the change is. If a business is unable to adequately determine what they are trying to do, then this will make it ever more difficult for the innovation, and thus the business, to succeed.