Innovation Hot Spots

While innovation is often associated with new products, new gizmo-gadgets, a broader perspective shows innovation occurring in many areas of a business and often has little or nothing to do with products.

Here are some key areas of innovation opportunity for a business venture ...

1. Products (yes, still high on the list, of course!)
2. Services
3. Processes
4. Business methods
5. Business model
6. Revenue model
7. Positioning (relative to the competition)
8. Paradigm (a combination of several innovation areas)

Phases of Innovation

1. Preparation ... focus on the problem or opportunity, and who it affects
2. Exploration ... identify current solutions, alternatives, and substitutes
3. Stimulation ... use creativity techniques to trigger new ideas, concepts, and solutions
4. Incubation ... give the new ideas some time and thought
5. Illumination ... identify new ideas, concepts, and solutions
6. Selection ... establish and use clear criteria for selecting the "best" concept
7. Planning ... decide how to implement the concept
8. Implementation ... put the plan and concept to work
9. Evaluation ... determine if the new concept is working
10. Iteration ... apply incremental improvement to the concept, or start over