Why is innovation more important than ever? — Frederic Etiemble (2024)

FAQs

Why is innovation more important than ever? — Frederic Etiemble? ›

And when you boil it down to the essential I've only encountered three reasons: Some leaders use innovation as a way to manage the risk of disruption of a business. They leverage innovation to “play defense”. Some leaders need innovation to achieve their growth goals, sometimes in new arenas beyond the core business.

Innovation is often necessary for companies to adapt and overcome the challenges of change. It fosters growth: Stagnation can be extremely detrimental to your business. Achieving organizational and economic growth through innovation is key to staying afloat in today's highly competitive world.

The importance of innovation in everyday life

As society develops, innovation has helped to change the world by improving communication, encouraging collaboration with others on projects, increasing access to information and providing opportunities for remote work .

1.2 Importance of Innovation in Society

Almost every country, both developed and developing, is in great need of innovation in all fields. Not only for continuous progress but also for the fundamental improvement in the quality of human life, innovation is the only key and the basic element.

Innovation can help you develop unique products and services that set you apart from competitors. Over 80% of digitally mature companies cite innovation as one of their core strengths. Meet customer demands. Sixty-five percent of fast-growing companies say they collaborate with their customers on potential innovations.

America's economic growth and international competitiveness depend on our capacity to innovate. President Obama believes that we will create the jobs and industries of the future and restore middle class security by doing what America does best – investing in the creativity and imagination of our people.

The long-term decline of global poverty was primarily driven by increased productivity from technological change. Access to energy, electricity, sanitation, and clean water has transformed the lives of billions. Transport, telephones, and the Internet have allowed us to collaborate on problems at a global level.

Innovation often leads to improved quality of life for members of the community. For example, advances in medical technology can lead to better healthcare outcomes for patients. Innovations such as renewable energy sources can reduce pollution levels and improve air quality in urban areas.

Technology has revolutionized many aspects of our daily lives and has become an integral part of our work, relationships, culture, and society, from education to health, finance to entertainment, insurance to real estate, etc. Innovations in technology have led to modern solutions to traditional problems and processes.

How do innovation make life better? ›

Innovation and technology have greatly impacted our daily lives, making them easier in various ways. The advancements in communication have allowed for instant messaging, video calls, and social media platforms, enabling us to connect with others easily.

Innovation education helps prepare students for a dynamic workplace by providing them opportunities to develop skills such as creativity, adaptability, and resilience.

It has facilitated instant communication through the internet, smartphones, and social media platforms, connecting people globally. Innovations in transportation, such as automobiles, airplanes, and trains, have made travel faster, safer, and more convenient.

Value innovation is the simultaneous pursuit of radically superior value for buyers and lower costs for companies. For managers of diversified corporations, the logic of value innovation can be used to identify the most promising possibilities for growth across a portfolio of businesses.

While it has several benefits, such as a competitive advantage, higher productivity, and an improved customer experience, it also has drawbacks such as high expenses, reluctance to change, and ethical considerations.

Cultivate a culture of embracing risk.

The most essential factor in successful innovation is probably culture. Innovative companies have a culture that is never satisfied with being good enough, that embraces risk in the quest for being better and that accepts temporary setbacks as an inevitable part of the process.

Innovation plays a key role in introducing novelty to existing product lines or processes, leading to increased market share, revenue, and customer satisfaction. Sometimes innovation is used to upgrade the operating systems of the business or to introduce modern technologies for automation.

If there is no invention, no one can improve upon it. No innovation can take place in case of no invention. Consider this analogy by innovator Tom Gratsy given to Huffington post 'If invention is a pebble tossed in the pond, innovation is the rippling effect that pebble causes. Someone has to toss the pebble.

... Another study by Henard and Szymanski (2001) indicated the product characteristics which influencing the success of new products. These product characteristics include product advantage, product meets customer needs, product price, product technological sophistication, and product innovativeness. ... ...

Innovation isn't just about ideation; it's all about the execution. Yes, innovation means launching new propositions to improve the customer experience, but to make those propositions innovative, companies need to be able to meet customer demand by acting on any ideas they have really quickly.