The 5 false myths of innovation

Many companies today are focusing on all the ways they can innovate. There are those who focus more on the technological aspects of the product or process, those who concentrate on marketing, on improved service, those who look at understanding the customer experience …

Unfortunately, there are very few companies that can claim to consistently and continually derive a significant competitive advantage from their innovation activities.

Many, for example, make no distinction between a required and necessary incremental improvement to a product or process and high-impact innovation.

They often commit several systematic errors that hinder and, in truth, impede high-impact innovation.

These errors have now come to be considered genuine  myths that need to be debunked if you want to successfully innovate.

The starting point for understanding the myths of innovation is tied to the very meaning of innovation. To be clear, innovation is when high-impact, tangible effects are produced on the market and in your own business.

They have to an effect on turnover, profit, market share, drastic cost reduction, in short, elements that can be counted and measured over time. Think about the effect made by Apple with the launch of the Apple Watch. In the first year of it launch, the watch generated a $6 billion increase in revenue for Apple and surpassed the sales of all the world’s watchmakers, placing themselves close to Rolex, the Swiss giant founded in 1905. This all happened in only its first year on the market.

It is possible to create business systems capable of projecting people, products and processes into the future. It is only possible, however, if we are willing to remove the limiting beliefs linked to this first. We need to debunk certain beliefs that have become genuine myths linked to innovation.

Find out in this video …

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