¿Que es la innovación ? What is innovation?

"One good product" companies might have 10 years of success, but when the product reach maturity, they will struggle until they will disappear. Innovation is what would make companies "immortal"

"¿Qué es la innovación ? What is innovation?" is the name of the post tha Agustin Such created in his blog

http://agustinsuch.blogspot.com.es/2012/05/que-es-la-innovacion.html?

On the following videoparticipants in the Lisbon Council's 2010 Innovation Summit, chairman or important companies , answered to the questions "What is innovation?"

Agustin highlighted the following ideas.

1. Without innovation companies die.
2. Innovate is introducing something new.
3. Impact
4. Turning ideas into value

I would like to highlight myself few other ideas introduced as well. I want to start highlighting the second and the forth idea highlighted.

It is true that "innovate is introducing something new" However it is not exclusively that. As I have indicated in another post "borrowing" can be innovation. Using a solution to a problem, or a process from a different area of business, and make use of it, can be innovation.

Example, GPS, it was originally used in airplanes and naval industry. Innovation was "borrowing" the idea and introduce it into the automobile industry first, then continue to " borrow" the idea into scanner devices and now with smartphones. Who can imagine now a smartphone without a GPS? 

Another thing that I want to highlight is the last point."turning ideas into value". This is very important, and Agustin changed a bit the sentence which was originally quoted as "turning ideas into money". It is true that an innovation can produce money, but not exclusively, so I liked how Agusting used the word "value" instead. Someone in the video mention innovation into process. That is key in my opinion. We can get much productivity by innovation in process, but also we can innovate processes to make the life of the employees "better". Companies should innovate in improving the experience that the employee has when working. You would find the level of engament of the employee increasing, and they will sale the company, not only because it's their job, but most important because they would believe in the company, employees would feel the company as a partner, not an employer.

Innovation focussing internally on the employees and externally on the customer is going to be need if a  company that would still be around at the end of the XXI century. If a company doesn't innovate, or simply focus on internal or external they are likely to become a "one good product" company.

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