What is the Purpose of Innovation?
C4RI: Innovation Foundations Episode Two
In this C4RI episode, our industry leading speakers discuss the purpose of innovation.
Fundamentally, innovation must serve a purpose for the end user: it must solve a human problem and meet a real need. Commercially, it’s about future-proofing the business and fuelling growth for the brand and category. If companies don’t innovate, they will eventually die and be forgotten.
In order to be competitive, it is important to look outward; what is happening in the wider industry and market – direct and indirect competitors. To truly innovate successfully, it’s not about ‘what’ we make, it’s about the purpose of our companies (the ‘why’). Focusing on ‘what’ you are delivers innovation in your core: remembering your purpose opens up a wide world of disruptive innovation.
Understanding the distinction between the ‘what’ and ‘why’ of your business allows delivery of new variants and breakthrough innovation.