Continual Innovation: A Survival Skill!
“Invention is the first occurrence of an idea for a new product or process, while innovation is the first attempt to carry it out into practice.”- Jan Fagerberg of Oslo University
Today, just by chance I stumbled upon two articles, which some way or other harp on the relevance of innovation.
The first article highlights “Why is Craigslist Trying to Snuff Out Innovation?”, which by the author, Craigslist” has dug an effective moat by cultivating an exaggerated image of “doing good” that keeps its customers loyal, while behind the scenes, it bullies any rivals that come near and it stifles innovation.”
The next article dwelt upon that “Innovation is the lifeblood of the modern enterprise.” and continual innovation is no longer just an advantage. It is a survival skill.
This article aptly concludes that “Proprietary innovation, expertise and data should no longer be jealously guarded and labeled as “for internal use only.” Rather than forcing innovation to conform to a particular business model, the open enterprise must look for what new business models any given innovation may suggest and partner with whomever is best positioned to realize its potential.”
Craigslist is definitely an apt case study for Mr. Clayton Christensen, the author of “Innovator’s Dilemma” , who describes companies whose successes and capabilities can actually become obstacles in the face of changing markets and technologies.
Resolving this Dilemma, Christensen avers “the firm must quickly develop the new technology to compete with smaller, more mobile firms while maintaining its core business… In short, there are many variables involved in solving the Innovator’s Dilemma with few lifelines along the way.”