Publicación de Miguel Damian Rizzo

No obsession for disruption. Innovation can also mean doing old things... Better than before. Identify your customer needs. Then, turn customer input into Innovation. Don't innovate for the sake of novelty.

A simple definition that will change how you think about innovation. *Innovation is the process of devising solutions that address unmet customer needs.* At a high level, there are only two inputs into this process: solutions and unmet customer needs. Consequently, there are 2 competing approaches to executing the innovation process: Ideas-first approach — brainstorm lots of ideas and filter them and test them to see which are most attractive to customers. Needs-first approach — determine the customer’s unmet needs in each segment of the market and then devise solutions that will address them. Many companies employ the ideas-first approach to innovation — and this is holding them back from achieving predictable innovation. Companies rely on luck to create winning products when they employ the ideas-first approach to innovation. The chance of randomly devising a solution that addresses the customer’s unmet needs — when the needs are unknown — is near zero. The problem with the ideas-first approach is obvious — a company is highly unlikely to hit a target if it doesn’t know what the target is. While companies often invest in systems and tools that help them generate, store and filter ideas, these investments alone will not contribute to predictable innovation. Companies must recognize that because innovation is the process of devising solutions that address unmet customer needs, the process must begin with a quantified insight into the customer’s unmet needs — not brainstorming ideas.

A common myth about innovation… Innovation = building new products + tech As you can see 👀 Innovation is really about: 1️⃣ - Learning about your customers ↳ Identifying their jobs, pains & gains 2️⃣ - Testing ideas & collecting evidence ↳ Reducing risk & uncertainty 3️⃣ - Killing ideas at an early stage ↳ Only invest more time and money in ideas ↳ when you have evidence ↳ that they are going to work Don’t start by building new products + tech I spoke to the CEO of a software firm yesterday ↳ he spent 1 year working on a new product idea ↳ he doesn’t have any customers for it yet ↳ he needs another $40K investment ↳ and another 3 months to finish it He still doesn’t know if it’s going to work. 😨 This is why people say “innovation is risky.” The CEO is a smart guy. He's an engineer. He's spent his whole life building stuff. He just needs to learn one thing. Innovation isn't about building stuff. Instead, only invest more time and money ↳ when you already know that: ✅ Customers have the problem ✅ They have money to spend on it ✅ You can build a business model for it ♻️ Share this with someone who should see it. P.s. What do you think innovation is really?

A common myth about innovation… Innovation = building new products + tech As you can see 👀 Innovation is really about: 1️⃣ - Learning about your customers ↳ Identifying their jobs, pains & gains 2️⃣ - Testing ideas & collecting evidence ↳ Reducing risk & uncertainty 3️⃣ - Killing ideas at an early stage ↳ Only invest more time and money in ideas ↳ when you have evidence ↳ that they are going to work Don’t start by building new products + tech I spoke to the CEO of a software firm yesterday ↳ he spent 1 year working on a new product idea ↳ he doesn’t have any customers for it yet ↳ he needs another $40K investment ↳ and another 3 months to finish it He still doesn’t know if it’s going to work. 😨 This is why people say “innovation is risky.” The CEO is a smart guy. He's an engineer. He's spent his whole life building stuff. He just needs to learn one thing. Innovation isn't about building stuff. Instead, only invest more time and money ↳ when you already know that: ✅ Customers have the problem ✅ They have money to spend on it ✅ You can build a business model for it ♻️ Share this with someone who should see it. P.s. What do you think innovation is really?

A common myth about innovation… Innovation = building new products + tech Innovation is really about: 1️⃣ - Learning about your customers ↳ Identifying their jobs, pains & gains 2️⃣ - Testing ideas & collecting evidence ↳ Reducing risk & uncertainty 3️⃣ - Killing ideas at an early stage ↳ Only invest more time and money in ideas ↳ when you have evidence ↳ that they are going to work Credit: Nick Himowicz Check my free newsletter for more insights: https://lnkd.in/d_ApCNgp

A common myth about innovation… Innovation = building new products + tech Innovation is really about: 1️⃣ - Learning about your customers ↳ Identifying their jobs, pains & gains 2️⃣ - Testing ideas & collecting evidence ↳ Reducing risk & uncertainty 3️⃣ - Killing ideas at an early stage ↳ Only invest more time and money in ideas ↳ when you have evidence ↳ that they are going to work Credit: Nick Himowicz Check my free newsletter for more insights: https://lnkd.in/dCpgAYjt

How To Innovate In 10 Different Ways? Credits to Jeroen Kraaijenbrink, follow him for more practical content. ------ Here's the original post: How to innovate? This question often means: What to innovate? We all know product innovation, but did you know there are 9 other types of innovation? Innovation is critical for almost every organization. Often incremental, sometimes disruptive, but innovation is key to survival. Mostly the focus is on product and service innovation: offering different or new products and services. And we know process innovation as well to create more efficient, flexible or otherwise better processes. But, the realm of innovation types is much larger! As the ‘Ten Types of Innovation” model by Larry Keeley and co-authors suggests, there are no less than 10 different types of innovation: CONFIGURATION INNOVATIONS 1. Profit Model The way in which you make money 2. Network Connections with others to create value 3. Structure Alignment of your talent and assets 4. Process Signature or superior methods for doing your work outside of operations OFFERING INNOVATIONS 5. Product Performance Optimize extracting core products more effectively, to higher quality 6. Product System Innovating the product system (E.g. production or innovative use of byproducts) EXPERIENCE INNOVATIONS 7. Service Support and enhancements that surround your core operations 8. Channel How you interact with stakeholders and access or create new markets 9. Brand Representation of your business and how you create trust in your brand 10. Customer Engagement Distinctive interactions you foster, including joint ventures This is a powerful list as it offers you ten different levers of innovation; ten different things you can focus on when looking for ways to develop and innovate. Which type speaks most to you? ------- Follow Business Infographics to learn from the best visuals.

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While technology undeniably plays a crucial role in exponential growth, it's not the sole driver. Many businesses have achieved exponential growth without groundbreaking technological advancements. The real key lies in leveraging technology to enhance existing business models, improve customer experiences, and optimize operations. It's about finding innovative ways to apply technology, not just adopting the latest trend. Remember, technology is a tool, not a magic wand. #growth