Innovation is hardly a new term. The word, which derives from the Latin noun innovatus, meaning renewal or change, appeared in print as early as the 15th century, according to Robert Leonard, chairman of Hofstra University’s linguistics program
FIVE MYTHS OF INNOVATION
Innovation is about creating a hot new product… New products are swiftly copied and rarely enjoy sustained profits.
Innovation comes from being creative… It is far likelier to come from being disciplined.
Innovation is expensive, demanding lots of resources… Failure to innovate is what is costly.
Create hundreds of ideas because of high failure rates… Fewer, bolder ideas based on your company’s capabilities and unmet customer needs you discover work best.
Early financial analysis is key to approving concepts… Nearly always wrong—build prototypes instead.