A common vocabulary II

Brent over at Brent Blog has been adding a few interesting suggestions for the vocabulary list. In addition to the terms in the previous post he suggests including the "types" of innovation (i.e. product, process, service, business model, market etc.) He also mentions an article (which I haven't read yet) that mentions firms' approach to innovation. This is really interesting as you can start to see that innovation can be viewed in terms of:

- From where: firm or customer viewpoint

- What: is it on the value-building side or the cost-cutting side?

- Where: is it only in one department/country-market or are we sharing the innovation?

- How much: is the innovation incremental or radical?

- How often: is this just a one-off, or is it part of the firm's general approach/attitude to innovation?

In terms of the difference between invention and innovation in a business context, there is usually commercial value associated with an innovation. It may not be immediately obvious, but it is usually there. In fact, an invention today may become an innovation years later. Don't write off the Segway just yet! This will probably take off when an unexpected market develops. (Interestingly, online university education is being adopoted not by students in far off lands, but on-campus students who prefer it.)

It's easy to see how difficult it can get when discussing innovation. Striking the right balance between clarity and oversimplification is tricky.



innovation management in Asia