The danger to any business that does not innovate is that the current service offerings will move along the product adoption curve and potentially become commodities which may only be demanded at a lower price, or not at all.
To resolve this potential danger some thoughts and suggestions for what drives innovation ...
Innovation means try, test, fail, try, test and maybe success ... innovation requires perseverance.
Innovation gets attention ... because leaders know that innovation is part of a product life cycle.
Embrace failure because when we fail to fail then we fail ... without failure then there is no innovation. Iterate, test, iterate, test and then repeating iterate and test again and again leads to a result. Innovation requires trial and error.
Necessity drives innovation ... proverb, necessity is the mother of invention.
Organisational culture drives innovation ... innovation requires encouragement, learning, persistence, rewards and communication. Innovation is not a job description, but rather it should be embedded in culture ... innovation is not just a leadership thing. A supportive environment incubates great ideas ... leaders foster innovation.
The customer drives innovation ... innovation is driven by what the customer wants. Innovation does not occur in isolation.
Comments are very welcome, do you agree, disagree or have other suggestions?