What is the meaning of innovation

Innovation is a word that is used a lot and is often misused. But what is the meaning of innovation ? Innovation means creating new things and taking action when you have an idea, but it also means a lot more.

In the business world innovation is a big word and is used very often. Innovation is a broad term and can be defined in multiple ways, but what is the real meaning of innovation? The most popular definition is executing a creative idea perfectly. Apple has been described as one of the most innovative companies of the century, but how did they achieve that title? They thought of things that nobody thought they would need in the modern world. They started with an idea, not a lot of money and were just another start-up company and grew from there. Now the competitors of Apple follow them no matter what they do. Another company that achieved this, is Starbucks. A simple idea that turned out to be super successful and that now is one the biggest business empires in the world.  

What do these companies have in common? They were creative and created a market for themselves. That’s why creativity is one of the most important aspects of being innovative. These companies are worth millions, because they are solving problems people never knew they had.

The recipe

To perfect balance for an innovative idea is:

• Creativity: You need to think different than your competitors, be a little different.
• Solve a problem: It does not have to be a problem, it just needs to make people’s lives easier, but problems are easier to find than ideas.
• Add value: Make the customer want to buy your product or use your service and give them experience that goes along with it.

With these three things, you will be a success, if you keep up with the trends and are up to date with everything that is happening in your field. If you can solve a problem that people never thought they would have, you truly have an innovative idea. Netflix created an online platform to watch series and people thought that it would never work. Now people don’t even invest in a television, because they can watch Netflix from their laptop or tablet.  People are always looking for the newest, best and convenient things.

Innovation is happening all around us and every day. You just need to find your way to influence your market and dominate it.

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