A technology acquaintance of mine, with little or no business school training or experience, had asked me how one develops a product that would be financially successful. I thought to myself that his seemingly simple question would require a lot more explorations since the issue was truly complex. Since I address Strategy in previous blogs, I never addressed directly what role does innovation play within strategy. In essence, innovation is the general technique to outmaneuver a competitor. Another way is to restate the question: what kinds of innovation might be created that meets the need of the market? And is innovation enough to gain financial traction in the market?
I personally break down innovation into two groups: creative innovation and derivative innovation.
A) Creative Innovation
To me, creative innovation is the creation of a product that is so disruptive that creates a new paradigm. Leonardo Da Vinci comes to mind immediately. …
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