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It’s innovation that matters
June 11, 2010 | The Globe & Mail | by Roger Martin, Dean -
Rotman, U of T, Chair - Institute for Competitiveness &Prosperity.
Our public policies designed to increase innovation aren’t working –
and this is because we confuse “innovation” with “invention.” The terms
are actually very different. Invention can be defined as “creation or
discovery of something new to the world,” often producer-driven,
following an inventor’s curiosity or expertise. While new, inventions
may not have any real use. Innovation is customer-driven, providing a
new product or process that adds value to somebody’s life. Innovations
improve economic or social well-being. Innovations are often built from
inventions....Innovation creates value in several ways, such as enabling
consumers to do something that had been impossible or difficult, or at a
lower cost, either by delivering the same benefits as existing
offerings, but at a lower price, or by maintaining the price but
reducing the overall costs of use.
innovation  innovation_policies  Roger_Martin  Rotman  uToronto  Four_Seasons  Harlequin  Manulife  public_policy  inventions  customer-driven  demand-driven 
june 2010 by jerryking
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