What Is the Importance of Innovation in Business?

“What is the importance of innovation in business?”

When I am asked this question, it often comes from within industries that are well-established and have been following the same business model for a long time. And that is remarkable to me, because it is exactly in those markets that innovation in business is of the utmost importance. Well-established and historically “successful” businesses are prime candidates for innovation; the kind that can result in enormous competitive advantage.
Courageous leaders are those who are willing to let go of–or at least loosen their grip on–the business formulas that worked in the past, and lead others into new ways of thinking about and doing business in our rapidly changing world.

“Is such letting go easy? No–not at first.
Is it necessary? Absolutely.
Is there a pay off? More than you can imagine.”

Unfortunately, it is often the companies and industries that would benefit most dramatically and competitively by embracing innovation, that are the slowest to recognize just how important innovation is. This happens when a history of success with particular business models and practices (that were perfect for their time), blinds the leadership  of the organization to changes that are needed in order to remain competitive and ensure future success.
The question–What is the importance of innovation in business?–has several critical answers. For that reason, I am putting together an important video series to be released in installments, Spring 2012, and offer it with my compliments–before it goes public–to managers, leaders, and other forward-thinking individuals. It is relevant to all businesses, organizations, and industry sectors, regardless of size, mission, or current market position. >>Request the series now.>>

 What you will learn about the importance of innovation in business:

• Across all kinds of organizations, there are four key areas that represent both challenge and innovation opportunity. My series, What is the importance of innovation in business?,  identifies and looks closely at each of these areas, with a focus on when and how to introduce innovation, and why it is vital to do so.
• The Introduction to this series spells out the dangers and costs of failing to innovate, and then lays out the four key business challenges that must be overcome with innovation.
• In the 4-Part series that follows, each of those four business challenges will be discussed in depth, with case studies, and suggestions for addressing particular challenges facing all companies, organizations, and industries today.
• If you recognize the dilemma, or if you believe it doesn’t apply to your company, then you will find this series not only thought provoking, but helpful and hopeful as well.

Watch the introductory video now, and request the additional 4 parts to the series, as they become available.

I look forward to hearing from you, and learning more about your company, your goals for the future, and the ways in which you are ready to learn how to innovate through challenges.