Innovation is a buzzword in business which has become almost synonymous with success. But, while innovation can be a driving force of growth, there are several myths surrounding it that need debunking. Here are some of the most common myths about innovation debunked.
Myth #1: Innovation is all about big breakthroughs
While earthshaking innovations such as the internet or electric cars might grab the headlines, most innovation happens gradually, over time. Small, incremental innovations are just as important in driving a business forward.
Myth #2: Innovation is the sole responsibility of the R&D department
Innovation is not just the responsibility of the R&D department. Every employee in a business, from marketing to sales, has a role to play. Customers can also be a valuable source of ideas for innovation.
Myth #3: Innovation is unpredictable and can’t be planned
Innovation is not a lucky accident waiting to happen. It can be managed just like any other business process. By building a culture of innovation, businesses can encourage new ideas and creativity. Innovation can and should be a part of a company’s strategic planning.
Myth #4: Innovation is costly
Innovation does not have to be expensive. Small businesses can innovate by making small changes and improvements to their processes and products. Innovation can also be achieved through collaboration or through adopting new technologies that improve efficiency.
Myth #5: Innovation is only for start-ups
Big corporations may have more resources and more bureaucracy, but small businesses can be just as innovative. Small businesses are in a unique position to be agile and quick to respond to changes in their industry. Innovation is for any business willing to take risks and embrace change.
In conclusion, innovation is not an accident. It can be a planned and managed process, accessible to businesses of all sizes and types. Debunking these and other myths surrounding innovation is the first step to moving forward and unlocking your business’s full potential.
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