Question:

My boss has started to talk about the importance of innovation and he’s called a meeting of managers to start discussing its relevance to our firm. Can you give me a bit of an insight into it please?

 

Answer:

Basically there are four types of innovation:

Product or Service Innovation e.g. smart phones, Toyota Prius, Post-it notes, Velcro, timber framed system houses etc

Process Innovation e.g. Amazon, Framework Agreements etc

Business Model Innovation e.g. Uber, Airbnb, FedEx etc

Others……e.g. anything that improves, speeds-up or reduces costs etc

 

All of the above can change the way we live, grow and develop as individuals and businesses.

The difficult bit is how do you go about creating innovative initiates when your not experienced at doing so? Well here are a few ideas to consider using:

* Research/read about stuff/google it
* Deconstruct an existing product or service
* Study other businesses and industries
* Brainstorming with relevant parties
* Active observation of life, science and business
* Peer comments
* Customer feedback
* Try ‘walk in another man’s moccasins’
* Find ways to leverage your strengths
* Buy in the required expertise
* Attend a workshop
* Others…..

So go on …. just do it!