The Future Of Innovation Is The Core Competence And Competitive Edge To Ensure There Is A Future

Ms Xenia Stanford

The future of innovation is as a core competency of any business or industry that hopes to have a future. Innovation is and increasingly will become the number one competitive edge. With the Internet, information and knowledge are being shared like never before. It is easy to see what others in our industry are doing, so if we become copycats, we will be left in their dust. If organizations seek only to emulate best practices, they will always be running a step behind. Their only hope for the future is to lead innovation to create new and better practices for their industry. This requires gathering knowledge to see what others are doing and using that knowledge to do something better, faster and with a totally new spin. For example, it is not just a matter of building a better mousetrap, because disposing of the dead animal is a problem. Some have created a noise (thankfully, unheard by humans) barrier to keep mice away. Will the mice become immune? Will they simply find a new way through the barrier? No matter. Someone has been there, done that, and to compete in that industry, you have to create something unique to meet your customers’ needs. In this case, the customers’ need is simpler disposal and the industry is already a step ahead of you. Your need is to capture a profitable market share. Your innovation might be a device to zap the mouse into total disintegration leaving no unsightly carcass behind and diminishing the mouse population in the process. The moral of the story is innovate or be dead!

Article © 2009 Ms Xenia Stanford. All rights reserved.

about the author...

Ms Xenia Stanford

Ms Xenia Stanford

affiliation:   Knowmap.com

position:  Editor-in-Chief

country:  Canada

area of interest:  knowledge management, strategy & innovation consulting

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