A few years back I wrote a post called ‘What is Innovation?’ and tried to put a definition around the word.
But, hanging a definition onto something that has become such a buzzword is difficult. By definition, any word or phrase that occurs in so many corporate mission statements starts to lose its original meaning.
The definition has expanded. Or, contracted. Or, diffused. Now we feel a responsibility to define what kind of innovation we are discussion at any given time. Is this incremental innovation? Is it breakthrough innovation? Is it market innovation? Is it product innovation? We are obliged define what we mean by each of those terms.
Maybe it is safer to avoid the term all together. In the space of product and service development, what are we really talking about?
His focus is on the interface between big data and stories. Companies are already using our activity on the web to send us targeted marketing. He thinks we’re just getting started:
“The internet of things will bring about a whole new level of data that will enable companies to offer new products and services to each consumer based on their needs. We will continue to tell stories driving the level of intelligence in common decision-making further.”
So our stuff will know our habits and needs and we will get marketing messages that are tailored accordingly. Not sure if I want my toaster sending me adds about whole grain bread.
Many companies start with what they are good at or their current product line and look for people they think might want what they have.
We often argue that starting with a market need makes more sense. But, how do you do that? Following up on our two-part podcast on getting started, we look at how to hunt for and collect opportunities.