Traditionally, innovation was something managers, CEOs, and the general population considered as “coming up with a new product”. But, in recent years, that definition has changed. Innovation is gradually being applied towards the development of business models, marketing, and management practices. There is more appreciation for fresh ideas that can transform any part of the corporate environment and value chain, not just products and services!
But, what is innovation? The easiest way to define innovation is to describe it as simply a new idea, device, or method. Anyone can innovate, in any area they choose. The problem is that many people don’t believe they have it in them. They think, I’m not creative enough, smart enough, or I just don’t have the time. But those are simple myths. There are more challenges to innovation than being creative or smart. Here, we discuss three serious innovation myths and how to approach them.
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