One of the biggest misconceptions of innovation is that it is a technology thing, yes, there is a “type” of innovation that is associated with technology. But in no way is it a technology thing only! If anything, it is baffling how innovation applies to all corners of life. Literally, everyone and anyone can be an innovator in essence. And earn a badge for it just like scouts back in the 5th grade, once someone somewhere adopts it.
♟ Innovation is not limited to technology, innovation is applicable to everything, just like strategy is.
There are different dimensions to innovation, here is a few of them with some examples, even till this day I can’t wrap my head around all of them:
- Products, Like every single product we consume today.
- Services, I’ll move on to the next one for the sake of not sounding redundant.
- Basic Production Technology, Like Thomas Ford’s mass production system that sparked the 2nd industrial revolution.
- Customer Experience, Like Cirque De Soleil that transformed the performance experience close to an art form, and they even have their own music albums.
- Business Processes, If it takes fewer steps and produces more value (in any form) it is an innovation.
- Business Model or Design, can you guess a few here? Something on the lines of a shared economy perhaps?
📱 One famous reference you will hear here is Deloitte’s “Ten Types of Innovation” which included Network, Channel, and Brand in the mix.
Yes it is a solid model and does present some conclusive finding that you should have a look at. But I just can’t help myself, what other types of innovation exist out there? For example, isn’t researching an emergent topic of thought in the academics that unfolds new knowledge horizons considered an innovation?