When you think of innovation what comes to mind? Revolutionary products like the iPhone or the GoPro? While impressive, such revolutionary innovations are only one type of innovation.
There are three levels of innovation: incremental, evolutionary and revolutionary. Focusing exclusively on revolutionary innovation is a high-risk and often unwise endeavor.
The surprising truth about innovation is that the most successful companies allocate most of their innovation assets – 70 percent – to initiatives that are already core to their business, Another 20 percent gets allocated to slightly risky initiatives and only 10 percent to transformational ones. This according to a survey referenced in Inc. magazine.
Don’t overlook the innovation that is necessary to keep your business moving forward: continuous improvement and, periodically, product and process evolution.
While a home run gets them cheering, a stream of base-hits can be even more effective. Remember the three levels of innovation.
Your thoughts?
Michael
The Surprising Truth About Innovation
