The Economist put “innovation” to its proper place in a recent column.
“Innovation. Sustainability. Purpose. Yuck”. Indeed. Thanks for them to point that out. Accordingly, the title says “Innovation”, but the subject really is change. Innovation is change, change in making a new product, new feature, new market need – change in supply and demand.
From change management perspective, a new product, new company has the simplest imaginable setting, illustrated below.
Company has conducted rigorous and thorough market research and analysis, and has reached a view of key competitive features to their product, represented by the orange-hued area on the right.
Customers – some of whom were consulted during the market research – had their own views, the jobs to be done. They see features and other products in the marketplace that help with their goals.
The company, in a single-product case a startup, is making a bet that this initial product and its features are sufficient to gain market traction, or sales. That initial step is crucial, subject to much literature and outside the scope here, except from the change perspective.
The company believes something new is coming out, and that the change they make is beneficial to their prospective and expected customers.
Customers see the same, or perhaps just another offering in the same or similar category. For customers to user the new product, they’d need to change their perception and behavior – and there we are, with change again.
That inspiring column by The Economist? – see https://www.economist.com/business/2022/05/14/the-woolliest-words-in-business.