Business innovations do not require grandiose ideas. Instead little ideas for incremental gain can power substantial gains. People generally associate the word innovation with disruptive game changers such as Uber, Airbnb or Amazon, however this is too narrow a definition. An example of such an incrementally innovative but ultimately extremely useful service is that of Sherwin Williams. In some neighborhoods they are more numerous than Starbucks stores. They thrive in spite of the higher average cost, because of the entire package of benefits they provide. They even attach a color consultant along with every project and take back extra supplies. Blue Ocean Strategies are desired by all but innovation can be more commonplace and exist in ordinary settings as well. Lego for example has a unique product but several others make do with similar ones but have an edge through exceptional service provided. A third way of innovation has been developed which may be considered as around the box. Within the box would be incremental while outside would be disruptive. This was a compromise in between but highly effective.

Source:http://knowledge.wharton.upenn.edu/article/power-little-ideas/

Uploaded Date:28/06/2017