Innovation

I have been listening this word a lot these days. Infact this is one of the top buzzwords in the corporate.

Innovation is generally a new way of doing something, challenging the existent, or coming with something entirely new. Whatever it may be it is to address some problem with a smart solution.

Till recently I used to find this word very fuzzy and complex. But when I think about it now..

According to me Innovation is a three step process:
1. Identification of a common problem to address. - (analysis/requirement)
2. Coming up with feasible solution(s) and implementing the best possible. - (development)
3. Making the results of the effort public with data as proof. - (marketing)

This model is very simple and exactly co-relates with the Product Development Lifecycle model. So what's the difference?

The difference lies in the scope of the product to be developed or the problem being addressed. Innovation can be recursively applicable at each of these steps too.

The Innovation starts at the very first step of identification of the problem to be addressed, but the fruits are visible after the final step of marketing it to the world. The success of Innovation is mostly linked with the successful marketing of the result. Afterall the driving force behind the innovation for all organisation is to make big bucks out of it.

According to me, The success of Innovation is based on three basic facts:
1. Commonality of the problem to adress: The problem to be addressed shoud be common enough so that the solution can be marketted easily.

2. Severity of the problem: The problem should be pinching enough that people are ready to adapt to the solution. In turn shell out money to accept the innovative solution.

3. Feasibility of the solution implementation: The implementation itself should be realistic and feasible in terms of time, money and effort spent on it.