Lime Lingo: Innovation

What is Innovation?

The definition of innovation is the process of translating an idea or invention into a good or service that creates value or for which customers will pay.  Innovation involves a lot of thoughtful application of information, imagination and initiative. It generally occurs when a company applies ideas in order to further satisfy the needs and expectations of their customers.

How Does Innovation Work?

Entrepreneurs, scientists, businesses and pretty much everyone is pursuing “innovation” in one way or another. But how does one obtain innovation? There is a growing bank of knowledge, tools and approaches for helping to plan for and manage innovation.

These approaches can be different depending on the person or organization. It can be linear, a sequence of set processes or more of a creative/open approach. Innovation is about much more than just good ideas. Developing something new involves many different kinds of activities and all sorts of different people with different skill sets. We use an ‘innovation spiral’ to describe the different stages:Innovation Spiral

The spiral can sometimes be a little more complex than it seems. You may see yourself skipping some phases or repeating others before you get things right. But it’s important to tackle every stage!

Why Do You Need Innovation?

Innovation is the key idea that is shaping the invention industry. It pushes new ideas for products, creates a sense of job satisfaction, encourages teamwork and allows organizations to find competitive advantages in the marketplace.

  • Increase Competition Competitors are getting smarter, faster and hitting the market with new and exciting products more rapidly.  Innovation always pushes an organizations to create a better product than its competitors, its a never ending cycle.
  • Increase Globalization Not that long ago, competitors were usually local or national.  Today, things are different.  The world is shrinking due to globalization. To thrive in tomorrow’s rapidly changing and global environment, companies have no option but to launch innovation programs to attract new customers and open new markets.
  • Increase Consumer Expectations The theme now and in the near future is that companies have to innovate regardless of their industry and make it core to their business strategy.  If not, they risk becoming irrelevant to consumers.

Don’t Know Where to Start? Our team is always pushing to create innovative products. Contact us to help you create your design!

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