What is it?
The formal definition for innovation is:
‘The action or process of innovating’
Innovation is more than that as many of us know, so let’s dive deeper into innovation and give you some tips on how to be innovative in your own way.
When creating something new, the ultimate objective should not be incremental product development, but innovation that makes things ten times better. Improves, helps and assists people, animals, environments and things in ways that have not been thought of before.
Is China capable of innovating?
This is a controversial question. Plenty of people, especially those in the West are doubtful of China’s innovative capabilities. But it’s not just outside of China where you find non-believers, many Chinese also mock the concept of “Chinese innovation”.
China has entered a new era. A new generation of entrepreneurs defined by their youth and exponential growth nature has generated new energy and vigor into the country. Of course, in the process of innovation and entrepreneurial pursuits, only a few will succeed or succeed at the first try. But as long as these entrepreneurs do not break laws or defraud consumers, China’s society now allows and welcomes trials and errors. This era — the era of China’s entrepreneurs — is bringing forth real ground breaking times in China’s long history.
How can we drive innovation?
- Innovation isn’t impossible in large organisations – but you’ll need determination
- Being creative is great, but innovators turn creativity into output
- De-risk your idea as far as you can
- Learn collaboration – it’s not the same as teamwork
- Get out of the office
- Don’t expect everyone to say yes straight away
But does innovation have to always be the big new idea?
Vision Critical is a customer intelligence solutions vendor that works with customers such as the NFL, Westpac and Telstra. For its global CMO, Tyler Douglas, innovation crosses four metrics: New product, new category; existing product, new category; new product, existing category; or redefining the business value chain.