The worlds most recognizable brands where born out of some innovative product or service that created new value for consumers. But what lead them to that specific innovation?
The Branding Strategy Insider came up with a short list of factors that lead to innovation:
• A penchant for experimentation and action over analysis
• The realization that in many industries, approximately 70% of innovations are developed by users, not the firm bringing the product to market (from research done by Professor Eric von Hippel at MIT)
• The importance of connectivity. An enterprise has a much higher success rate if it is interconnected with the widest variety of potential idea sources, suppliers, business partners, customers, universities, governmental agencies, etc.
• Build on your strengths, don’t waste your efforts on hiding or compensating for your weaknesses. Identify your assets and amplify them.
• Envision the positive outcome that you seek.
• Be optimistic and constantly work until your optimism is justified.
This is by no means a complete list but in my opinion it’s quite simple. If we were to trace these factors back and look for patterns these would show up in one way or the other.
What other factors lead to innovation?