Three Innovation Myths you must Overcome urgently are as follows but before going there we must reinterpret what innovation means. And I’ll keep it short and sweet.
The First thing to understand is that “Any successful innovation is actually a business model innovation”
According to the Business Model Innovation Lab:
“Innovation is about learning from others and reinventing your own business model.”
What’s a business model? A business model is a company’s core strategy for profitably doing business. Greater value can be captured by looking at the four components of a business model simultaneously viz who are you selling to? What do you sell? How do you create and deliver it? Why it is commercially viable?
A business model innovation can be achieved by modifying any two of these four dimensions. Now let’s move to the myths as promised
Myth #1: Innovation stems from novel ideas!
One of the greatest pieces of advice when it comes to innovation is to “Overcome the ‘not invented here’ syndrome.”
Google didn’t invent search engines, IBM didn’t invent computers, Apple didn’t invent the mp3 player, Amazon didn’t invent online book stores, Facebook didn’t invent social media.
Yet all these were successful because they understood people hence the business model better and learned from the mistakes of their predecessors.
Myth #2: Big success requires, big resources!
Big resources don’t make big companies! Cisco had a non-existent R&D resource but they were able to beat AT&T’s Bell Labs. When Elon Musk was asked how they learned to make rockets at SpaceX he replied he read many books on rocket design. Apple was started in Steve’s parent’s garage.
Myth #3: Innovations are based on revolutionary technology!
According to the study conducted by BMI Lab: 90% of successful tech corporations merely adapted, refined or combined existing ideas and business models. Only 10% or less were based on disruptive technological breakthroughs. Successful innovators learn & recombine whereas pioneers get eaten by wolves. To start something that’s not even remotely close to something existing or previously tried is one sure way to flop the business.