Making innovation saleable is a challenge that requires a holistic approach. Innovation is not simply a concept; it must be linked to strategic goals, individual metrics, and the company’s overall strategy. It requires the leadership of senior management to embrace an entrepreneurial mindset and a desire to push the boundaries of the status quo. It also requires a process that will make innovation easier for employees to implement and is designed to create a positive culture.

Innovation is a necessary part of today’s business landscape. Businesses are in a fierce competition to provide value to their customers. Whether a company is tackling a social problem or a global CO2 emissions problem, innovation is crucial to success. Today, 84% of business executives agree that innovation is an essential part of their growth strategy.

Innovation is the process of turning an idea into a product, process, or service that creates value for an organization. In the evolution of man, innovation can be traced back as far as 2.6 million years ago when the first stone tools were fashioned from stone. Later, fire was discovered, and Chinese civilization invented wine. In the 13th century, humans developed eyeglasses and the light bulb, and in the late 20th century, the first car was invented and the internet was born.

While incremental innovation focuses on improvements to existing products and improve customer satisfaction, sustaining innovation requires major changes to maintain a dominant position in a market and introduce new products and services. These innovations are often accompanied by changes in a company’s operating processes. These changes in the way a company operates require new approaches.

Innovation can lead to growth and expansion and create a competitive advantage over competitors. It allows organizations to differentiate their products from their competitors, making them more appealing to customers. For example, LG introduced a new mobile phone with a flexible screen that can be rolled up like a newspaper. This innovative phone solution solves a longstanding problem related to portability.

Innovation requires a collaborative approach. In this approach, external knowledge is integrated into the innovation process. Examples of open innovation include crowdsourcing challenges. A key challenge to building an innovation culture is fostering an environment that fosters creativity and action. If you are unable to foster this culture, it may stifle the efforts of your team.

Disruptive innovation is defined as a new product or service that disrupts an established industry. Disruptive innovations are often valuable to a niche segment of the market and have a different value driver than traditional products and services. In these cases, the new product or service may not be as beneficial to mainstream customers and higher-end customers. As such, it is imperative to understand what is driving the new innovation.

The first step in developing a successful innovation strategy is hiring the right people. A company that isn’t used to the process of creating new things often fails to innovate. There are many factors that may prevent companies from achieving success in this area. Organizational structure is a major factor as well, as are cultural issues.