HP DreamScreen and TouchSmart

Check out these interesting innovations from HP. While one can debate how much of original IP (one that is patentable) went into these products, one has to agree that these devices nicely tie together some very cool existing technologies into an exciting package. From an innovation standpoint, these products rely heavily on derivative and variation types of innovation to create a strong impact in the market. This further emphasizes the point that not all innovation has to be fundamental or breakthrough type to make an "innovation" play for your company.

Some very smart marketing at play here. Don't forget that the marketing function is about satifying and exceeding consumer needs and it plays a huge role in the way the final product shapes up. Marketing is not just about selling or push/pull tactics.

With such futuristic products, HP is slowly but surely reclaiming its lost glory, as the analyst reports and stock price will suggest.

More on Innovation Culture

Here is an excellent presentation on developing an innovation culture in companies in decline. The author talks about 8 steps required to turn around companies that are past their hey days.

Seven Triggers To Breakthrough Companies

View more presentations from Justin Beck.

Innovation in China

Look how the Chinese are innovating. Its a revolution happening there. And the best (worst?) part is that we have not even heard of many of these companies. They are innovating in every way: the way they communicate with their customers or the way they monetize these innovations. Take a look:

Mobile and Web Innovation in China

View more documents from Benjamin Joffe.

How difficult are Marketing Innovations?

Growth is a fundamental differentiator between profitable and non-profitable businesses. Innovations are considered incredibly hard to come by. Many industries thrive on Intellectual Property (IP) for their existence, sustenance and growth. Technology and healthcare companies make or break due to their IP.

Just how difficult is innovation? Innovation seems incredibly difficult, laborious and time-consuming. When we think of innovation, we think of scientists in labcoats toiling away in an R&D lab trying to discover a cure for cancer or develop the next big supercomputer.

Not always the case. Thankfully, for marketers, we need not always depend on huge R&D investments to drive innovation. Marketers are very unique because we can continue to create wealth and add to the company topline as well as the bottomline by being customer oriented and by fostering customer-centric innovation.

In order to understand further how marketers can achieve this, lets first visit the different types of innovation. Praveen Gupta, in his highly recommended book Business Innovation in the 21st Century describes the following 4 different types of innovation:

• Fundamental innovation develops fundamental science or knowledge and is extremely rare. It typically happens in government labs and universities. The timeframe for development of fundamental innovation is usually several years.

• Platform innovation extends fundamental innovation into useful product platforms, systems and technologies. The timeframe for development is usually several months and is sporadic in nature.

• Derivative innovation happens more regularly and has a cycle time of weeks or a few months. It develops products or small systems for platforms that are usually part of a larger system.

• Variation innovations can be continuous in nature and can be delivered in days, even on-demand.

So where can marketers innovate to target growth? In all four types of innovation, of course. But marketers are uniquely positioned to leverage both derivative and variation type innovations. Here is how:

Product line extensions: These are your new and improved product with additional benefits to consumer. Example is vitamin and calcium fortified cereal that improves upon the original cereal or Tylenol Arthritis Pain, which a slighltly modified and improved version of the original Tylenol.

• Brand extensions: Arm & Hammer went from being a baking soda to a tooth paste to a laundary detergent and now a household paint. Thats an extremely elastic brand. By leveraging your brand equity and brand strength, you can quickly grow a product in a relatively unknown product category.
• Customer-centric variation innovations: By making changes to your product that makes it easier to use, more convenient or faster, you can innovate for growth. Examples would be faster service such as 3G or a better user experience such as the one with the Apple iPhone.

So, marketers, don't let the inefficient innovation processes in the R&D labs dishearten you. Put the customer at the center of your innovation process and get busy with your innovations.