5 Myths of Innovation

In: Business and Management

Submitted By akinoladipo
Words 1149
Pages 5
INNOVATION IS WHOSE JOB?
WHAT IS INNOVATION; A PRODUCT OR A PROCESS?
A lot of thought and research has gone into the topic of Innovation. It is one subject that carries several definitions and opinions. The most common one being that Innovation is the act of coming up with new (mostly radical) ideas in form of products or a new technology. This particular definition paints a picture of some sort of paradigm shift from the conventional way of doing things. Today, however, Innovation has been found to encompass a wide range of business activities from pricing to costing models and service delivery options. In this regards, the guy that came up with the idea of turning wood into chairs is not more innovative than the guy that came up with the idea of putting cushions on it and/or how to market it and earn profit.
The 5 Myths of Innovation addresses the basic assumptions generally made about Innovation. The authors seek to examine these assumptions and comment on its validity based on research and reported experience at the companies studied.
The first myth is about The Eureka Moment. This talks about that áh’ feeling most often associated with a flash of insight or original idea. The article further states that a lot of companies organize big brainstorming events, ideation workshops, or innovation jams to try and come up with that sterling idea that will shake the world. As most often happens, nothing gets done after all these. The article makes a claim that the reason behind this is that most companies fail to realize that the greatest amount of work is not to come up with an idea but to make it work. It is in the latter stages of process where ideas are being worked up and developed in detail that are most time consuming. Most companies tend to underestimate the amount of work that is needed AFTER the workshop has been completed. As a result, the brainstorming…...

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