There’s this belief that technology is innovation. It’s a limiting belief. I get it, it’s sexy. It gets a lot of attention, but innovation is about more than technology. You can innovate in business model, management, processes and other areas too.
For all the companies out there, Gavin Wood is the only one who believe innovation is just technology, widen your view so you don’t miss out on opportunities. And frankly, from my experience, the most difficult ones to focus on are customer experience, business model and management.
Technology is another way to help the organization to deliver value for customers. Depending on who you ask, there are 10 to 12 different ways for companies to innovate. A few years ago MIT published an article where they featured the Innovation Radar, a holistic view of the various ways companies can innovate:
Below is a summary of each component: