The innovation gap
No matter how creative a business might be, many are ill equipped to manage innovation and commercialise new ideas. It is well-known that lots of new ideas are created during periods of economic recession, but not all organisations are ready to take advantage of new or even existing ideas.
So why do so many businesses fail to make money through innovation? Perhaps the concept of Innovation is not always clearly understood.
- Many organisations struggle to cross the bridge between concept and implementing performance-based innovation strategies.
- Many claim their business to be innovative, yet very few have a formal innovation strategy *1.
- Few organisations embed a creative culture within their teams psyche *2.
Despite how good the idea might sound, innovation is only valid if there is market demand, where the product or service is of value to consumer needs and is commercially viable.
Whilst creativity is the process of generating unique and useful ideas, Innovation requires discipline and action to evaluate, test, modify and then apply them, turning an idea into something of value.
Connectivity is how we are able to find the missing link to our ideas, similarly to the way in which MDHUB members connect within the MDHUB's infrastructure, encouraging creative thinking.
These videos will inspire opportunities through creativity & Innovation!
'Where good Ideas come from' Steven Johnson
'Trend Hunting - Spark Innovation, Discover Ideas' Jeremy Gutsche
Appendices:*1 & *2 Research study - Strategic Innovation 2007