based on our experience, we think innovation can be best defined as
the successful exploitation of big ideas found at the junction of insights, technology and people’s passion that generates sustainable social and economic value
there are plenty of ideas out there. the real challenge is finding and investing resources behind those ideas that are meant to generate sustainable economic and social value
innovation... it can happen in the brand, product/service, customer experience, packaging, communication, value, market, process, business model, etc, and it can be expressed and have impact in the various dimensions of the operation or portfolio
there is brand innovation that has no impact over the product line-up – new concepts, new benefit ideas born out of existing features (Cillit Bang)
there is innovation in customer experience that is reflected in the way the business functions or the services are delivered (Cisco Systems)
there is process innovation that is stated in the brand and product – new technology that is improving the product performance (L’Oreal)
there is value innovation reflected in the product/service without a perceived change in the product performance nor brand – optimize the cost of packaging, increase production efficiency (Vanish, FedEx)
there is market innovation that is articulated in the brand, product/service, technology, business operational model – new entry on an existing market, creating a new market or new business model (Southwest Airlines)
there is packaging innovation that generates a perception of product innovation – ‘inclusive design’ (Heinz ketchup)
