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When all think alike then, no one is thinking
- Walter Lippmann
Creativity is thinking up new things. Innovation is doing new things
- Pr. Theodore Levitt
Innovation is the central issue of economic prosperity
- Michael E. Porter
The above quotes underscore the importance of independent critical thinking as a precursor to innovation, followed by deliberate decisions and actions aimed at fostering economic prosperity. Before delving into a refined definition of innovation, it is imperative to clarify what innovation is not. Innovation is not synonymous with invention. An invention pertains to the discovery of a new idea, process, or product, irrespective of its practical utility. Conversely, innovation entails the implementation of an invention to generate value. I define innovation as a creative process that engenders impactful value through purposeful actions. It encompasses various categories, including technical breakthroughs, novel business models, and innovative product positioning strategies.
Innovations can be broadly categorized into four types: Incremental innovation, radical innovation, disruptive innovation and architectural innovation.
Incremental innovations represent iterative improvements upon existing services or products, exemplified by the latest iterations of iPhones or Gillette's razors, which address latent consumer needs.
Radical innovations denote revolutionary departures from the status quo, as seen in the advent of original airplanes, the internet, or cloud technology. Disruptive innovations is about transformative breakthroughs, such as Netflix or Uber, They catalyze waves of cloud and mobile technology super cycles, addressing previously unrecognized market demands.
Architectural innovations encompass novel approaches to resource allocation, business processes, and product development, epitomized by Apple's iWatch.
Numerous factors drive innovations, chief among which is change. Social, economic, and financial dynamics serve as catalysts for innovative initiatives. Unmet market demands, obsolescent processes, structures, or technologies also necessitate innovative responses. Notably, there exists a strong correlation between innovative ideas and intuitive insights, particularly for issues close to home. For instance, Reed Hastings, the co-founder of Netflix, conceived this innovative idea in response to his frustration with Blockbuster's DVD return policies. Similarly, Mark Zuckerberg founded Facebook based on his desire to connect with Harvard alumni. Contrary to popular belief, innovative ideas often originate from individual experiences rather than structured brainstorming sessions.
Innovation is a process, one that innovative organizations deliberately integrate into their culture. It is people who drive innovation forward for value creation. As previously discussed, this process starts with the generation of ideas, necessitating creative thinking among individuals. Leaders or those entrusted with organizing people must establish an open, multi-disciplinary environment conducive to innovation. Coercive and close-minded cultural settings stifle innovation. Conversely, an open environment that fosters creative interactions among individuals from diverse backgrounds serves as an ideal incubator for innovation.
The iPhone, a quintessential example of innovative product development in modern era, partly owes its existence to General Magic's "paradigm project." This project, along with subsequent iPhone development, flourished within a playful environment populated by some of the industry's brightest minds. As Guy Kawasaki, Apple's former Technology Evangelist, aptly puts it, leaders inspire their teams to "jump to the next curve." Rather than fixating irrationally on competition and existing cash cows, innovative organizations purposefully cultivate continuous innovation by envisioning the next value-driven and meaningful iteration. They concentrate on untapped markets while remaining steadfast in their pursuit of unseen opportunities.
A simple yet potent model for innovation involves: seeking the next improvement, reframing existing problems while challenging assumptions, engaging in backcasting by envisioning the future and working backward, drawing insights from other disciplines and domains, and continuing to iterate. The continuous iterative aspect of this model is particularly crucial, as innovative products or services are seldom perfect in their initial versions. Version 1 of an innovative product often faces criticism, attracts detractors, and contends against incumbents. This fact invites a good dose of humility and open-mindedness from innovators. Leaders and innovators must grapple with related pivotal decisions regarding when and how to proceed to the next iteration, as quitting or persisting becomes a decisive juncture.
Remarkable innovative organizations push the boundaries of what is deemed possible, engaging in a continuous process of exploration into seemingly impossible realms. While there is no singular recipe for fostering and sustaining innovation, empirical evidence suggests that innovative organizations prioritize open cultures, flat organizational structures, and strike a balance between secrecy and information flow. Creative thinking, particularly first principle thinking among highly curious individuals, flourishes within such environments. Leadership commitment to innovation, coupled with a willingness to tolerate failure and take calculated risks, alongside appropriate incentives to navigate both success and setbacks, are indispensable traits of innovative organizations.
Innovation is intricately tied to leadership in the business world. It is a distinct process, not to be conflated with invention, aimed at generating value and fostering economic prosperity. Innovation is arduous because it necessitates change. Since innovation revolves around people, leaders committed to innovation must exhibit courage and resilience in the face of internal resistance to change, external challenges from incumbent interests, and resistance from ecosystems that may struggle to comprehend the future. Beyond resilience and courage, innovative individuals embody curiosity, open-mindedness, and humility. Innovation stands as a fundamental art for progress, underscoring its paramount importance.
Until we meet again, keep innovating.
Fal Diabaté
Managing Partner, Barra Advisory Group
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