What is innovation and why we should care about it

We hear a lot about innovation these days. Yet, we don't have a body of knowledge for this topic and we cannot clearly define what constitutes innovation and what does not. We all agree innovation is important, but there are no known courses in schools for innovation. Business schools teach how to "manage" and "lead". However, they do not currently teach how to "innovate".

We hear the word "creative" and "innovative" used interchangeably. Creativity is conventionally associated with the right side of the brain. Yet, the people hired to deliver innovation (as in R&D) are people who have demonstrated prowess with the left side of their brains through their superior analytical and mathematical skills.

We are told innovation is good. It sets companies and products apart. It is associated with growth. Yet, it is considered a mysterious process, driven by genuis of individuals who somehow create magnificent designs that are aesthetically pleasing.

So what is innovation? Is it creativity? Is the ability to create something beautiful that people love? Is it doing things better? If so, by how much? How do we measure innovation and its effectiveness? Can innovation be learned? Can you and I create successful innovations? How do we know it is successful? There are no clear known answers to these questions.

I felt compelled to write this blog to investigate the area of innovation and try to answer some of these questions, especially from a marketer's perspective. I feel marketers have a unique role to play in the process of innovation due to their proximity to the customer.

As of now, the questions I set out to answer remain unanswered. Over a series of blog posts, I hope to answer these questions and bring to light many ideas on innovation and marketing by discussing ideas in the area of "commercialization of innovation". I will also discuss ideas on successful innovations in advertising, product life cycle management and marketing strategy. Stay tuned.