Innovation is a Mindset

Concept of innovation is not new — it has been in practice from the days humans started making tools, “invented” the wheel , “discovered” fire. And the human race has been innovating and moving ahead to reach the current state we are in. It could be applied to any phase of life — just trying something new, something different is innovation. Definition of innovation in dictionary is — 1: the introduction of something new 2: a new idea, method, or device : NOVELTY. but, to me “innovation” is a mindset. It begins with a curious mind — asking “why not”.

In the technology world, innovation may lead to a new idea (concept, algorithm), new product, new process or some new way of doing things.

There is a notion that innovation has to be disruptive, has to create a brand new product or a brand new market etc. It’s not everyday one can conceptualize something like an iPod, that too was an enhancement of the existing music players. Improvements to a current product can make a huge impact. e.g. improvements in cardiac stents making it more affordable and saving lives of millions of heart patients, innovations in supply chain management supporting the eCommerce revolution and helping hundreds of thousands of small business, enhancements to mobile networking technologies with 3G, 4G etc. touching millions of lives.

Why do organizations need to innovate?

Maintaining the status quo is not an option for any business. Be it a market leader or a new entrant, every business needs to innovate to stay on top of the game. Or else they will be irrelevant as the new technology, product will end up replacing them. So, it’s not just about finding a new stream of revenue or innovation for the sake of innovation, but, it’s about the survival itself.

Innovators’ Dilemma

Despite knowing that they need to innovate, many companies fail to innovate and lose out to new players. To quote from the popular book Innovator’s Dilemma:

“The reason [for why great companies failed] is that good management itself was the root cause. Managers played the game the way it’s supposed to be played. The very decision-making and resource allocation processes that are key to the success of established companies are the very processes that reject disruptive technologies: listening to customers; tracking competitors actions carefully; and investing resources to design and build higher-performance, higher-quality products that will yield greater profit. These are the reasons why great firms stumbled or failed when confronted with disruptive technology change.

Intrapreneurship to foster innovation

To overcome the above dilemma, many organization now support Intrapreneurship — a bunch of individuals within the organization working on a new idea, product line as if it’s an organization of its own. They are not bound by the norms and the processes which might otherwise hinder the innovation and fast paced execution within a large organization.

For organizations, betting on new ideas and getting feedback from the market is a business need. They need to avoid the pitfalls of being stuck in legacy. Bringing in new people, encouraging new ideas and having a good adoption of the new product needs a different approach.

For Individuals who want to innovate within their own organizations without letting go of the steady job, this is a good option. Few tips on ideating and validating a new concept:

• Identify the problem that needs to be solved and why your solution is better than what exists in the market.
• Find mentors and experts in the field and seek guidance
• Read and research extensively about the topic. Participate in internal and external meetups, technical forums etc.
• Ensure that intellectual property right is protected, most companies do have process around IPs, patents.
• Many organizations do conduct hackathons, innovation contests etc. to provide a platform and seek new ideas. Leverage such initiatives. If it doesn’t exist, start one yourself!
• Find a sponsor within the organization who can provide an opportunity to take your idea to the next level, or introduce you to someone who can fund/sponsor productizing your idea.

Summary

“Twenty years from now, you will be more disappointed by the things you didn’t do than by the ones you did do. “ — Mark Twain. My advice to professionals who are in their early stage of career is to try new ideas, take risks and have the courage to tread the path less taken. There is no such thing called failure, only learning.

Disclaimer: Examples above are not endorsements of any of these brands. Views expressed are personal.