Innovation is not just represented by introducing or implementing new ideas or methods. The definition or meaning of innovation can be defined as a process that involves multiple activities to uncover new ways to do things.
It should not be confused with creation since this can be defined as the act of making, inventing, or producing something. However, new innovations can be realized with creativity. People need to think outside the box in order to create incremental enhancements.
At this moment, we are positioned in a fast-paced environment where technology is advancing and globalization is increasing. This means that distances only get shorter, and as a result, competition is increasing, customer expectations are more demanding, and disruptions in the economy is more likely to occur.
For a business or an organization to realize competitive advantages, it should be able to adapt and innovate the to the changing trends and new generations. Innovations apply for management and organizations on all levels, sizes and in operating in all industries.
Innovations create bigger opportunities and are critical for the survival, economic growth, and success of a company. Innovating helps developing original concepts and is a driver of optimizing operations. Companies that innovate are able to set the organization in a different paradigm in order to identify new opportunities and best methods to solve current problems.
In order to realize innovation, leaders should be open-minded and collaborative. Feeling comfortable with uncertainty and manage changes are behavioral components to innovate. Innovative leaders are curious and are optimistic since they dare to take risks. No one knows where innovation will bring the organization or individual.
On the other hand, everyone is an innovator because the innovative ability is in all of us. Since we were born, we innovate by learning by doing. The pitfall is that school have formatted by proving us knowledge us and has diminished our ability to innovate, while the ability to innovate is higher valued because innovation cannot be learned or taught.
Innovation theories, methods & tips
However, multiple theories and applicable tools established that support innovation. What are the most known and used Innovation Management models and methods? What are their success stories and practical tips when you apply these? These posts are all about great tools and methods that can help you to achieve your goal or understand certain aspects that come with innovation.
The innovation methodology is called FORTH – an acronym found in the first letter of each of the 5 steps: Full Steam Ahead, Observe & Learn, Raise Ideas, Test Ideas and Homecoming. The FORTH Innovation Method structures the chaotic start of innovation, creates 3-5 mini new business cases and fosters a culture for innovation in an expedition of 20 weeks.
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