Original Innovation
Creativity has existed since the dawn of history, but the term innovation, which is frequently used to describe inventions or new products, has become more popular only in recent years. An innovation, in business, is an idea, process or product that is new to a particular market and can help create value in that market. Innovations often come from the creative minds of inventors, entrepreneurs, and innovators, but they can also come from accidental discoveries, in-depth researches, and unique collaborations.
Innovation can be as simple as a creative way to combine existing ingredients, products, and services. In fact, many businesses have seen success through original innovation — rather than inventing completely new products, they have innovated by experimenting with existing elements of their business to create something truly unique. While original innovation may not have the buzz of a groundbreaking new invention, it still has the power to shake up existing markets and give businesses a competitive advantage.
For example, Apple has long been a leader in revolutionary products and services, but their greatest innovation may have been in their approach to marketing. By creating a lifestyle brand instead of just a technology brand, Apple pioneered a new way of marketing that emphasized design, innovation and quality alongside technology. This approach to marketing has since been adopted by countless other companies, from fashion brands to food producers — all of which have found success in creating well-designed, high-quality products.
Innovations can also come from the combination of two different products or services. Innovative business models, such as ride-hailing services like Uber, are often built by combining existing services in unique ways. Traditional taxi companies, for example, offer customers transportation services. Uber took this idea and combined it with a mobile phone app, GPS tracking, and customer reviews to create an entirely new service that is transforming the transportation industry.
Innovation doesn’t have to be limited to products and services, either. Many business processes, such as marketing and customer service, have also seen major advancements through original thinking. Companies such as Amazon and Zappos have revolutionized customer service standards by focusing on customer-centric initiatives such as two-day shipping and same-day delivery. By providing convenient, high-quality customer service, these companies have earned customers’ loyalty.
The importance of innovation cannot be overstated in today’s highly competitive business environment. To stay ahead of the competition and to create value, companies need to constantly seek out innovative methods and ideas. Original innovations — such as creative combinations, novel business models, and customer-centric processes — can help businesses stand out and thrive in their markets.
