(Harvard Business) The other day, one of my colleagues asked me, “What exactly do you mean when you use the word ‘innovation?'” Answering the question led to a productive discussion about what really inhibits innovation inside large organizations. When I use the word innovation, I think of three interlocking components:
- Insight or inspiration suggesting an opportunity to do something different to create value
- An idea or plan to build an offering based on that insight or inspiration
- The translation of that plan into a successful business (in simple terms, commercialization)
Obviously, each of these components carries significant complexity, but more often than not, they cover the basics of innovation.
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