The Change Makers: The Essentials of Innovation

There are two types of people in the world: those who love change and those who fear it. The ones who love it welcome innovation and look forward to the new ways it can impact their life and business. Those who fear it feel like they will be left behind by the new concepts, and this results in them rejecting change.

Innovation requires both sides; without the advocates, innovation would never come about, and without the naysayers, ideas would run rampant with no one to properly manage them or filter out what doesn’t work so that only what does remains.

"If you always do what you always did, you will always get what you always got" was penned by Albert Einstein.

Considering the fast pace and scale of technological developments, business organizations need to recognise the vital importance of innovation - and act accordingly. It means change, which is rarely easy or intuitive. When you hear about an innovative company, it's often a company that has been through some major changes. Innovative companies are willing to try new things and take risks that others might not be.

The essence of innovation is more than just change, or transformation. It is all about leveraging challenges into ideas and disruptive solutions. Implemented properly, it translates to business imperatives such as significant differentiator factor and competitive advantage. In many cases it serves basic imperatives such as keeping the business relevant in the changing market conditions.

Innovation allows the flexibility and adaptability to current (and future) business requirements. It can help build resilience against market turbulence. Moreover, innovation makes businesses stand out from competitors and offers customers a better experience through an enhanced value proposition. And not to mention, innovative companies are often seen as being better managed and run because they are always looking ahead while staying focused on their objectives.

From the strategic perspective, it is essential not only to innovate internally but also to monitor relevant emerging and disruptive technologies (outside the organization). It can provide an additional strategic layer, for better addressing business challenges, exploiting business opportunities and leveraging growth partnerships. As a result, innovation becomes more than just change; it’s a way to take on the world as it changes around us.

In my view, the fundamental purpose of innovation, in the business world context, is to become a change agent which will generate strategic value - in any business aspect. It can come from the organization, out of it or as a combination of both.