Life without innovation

Creativity is the foundation of innovation. If the ‘foundation be destroyed, what can a make-up artist do?

Innovation is the ability to convert ideas into invoices. – L. Duncan

Prepare your voice as well as your invoice. In both ways, charge and be in charge – ‘Niyi Kolade

To an entrepreneur, the universe is made up of innovation and commerce. “Uber, the world’s largest taxi company, owns no vehicles. Facebook, the world’s most popular media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation provider, owns no real estate. Something interesting is happening.” – Tom Goodwin (Baseball coach and former baseball player). Creativity is the bedrock of innovation. Without creativity, society will be lifeless and without the force of innovation, the economy will be stagnated.

The creation of value is a defining characteristic of innovation. These core components are taken and put into a composite definition of innovation as “the creative process whereby new or improved ideas are successfully developed and applied to produce outcomes that are practical and of value.” “Innovation is implementation of something new.” – Paul Sloane. Innovation is the foundation of business, if the foundation is not deep, do not deploy resources. Innovation is the newness and genuineness in a creative idea. Don’t launch out if it is not deep and new.

Without innovation, creativity is not patentable – Innovation or invention is what creativity looks like. A patent is an exclusive right granted for an invention or innovation, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem. To get a patent, technical information about the invention or innovation must be disclosed to the public in a patent application. Some famous examples of products that have been patented include: The Telephone: Patented by Alexander Graham Bell in 1876. The Light bulb: Patented in 1878 by Thomas Edison. Without innovation, we doubt creativity – “The value of an idea lies in the using of it.” – Thomas Edison (1847 – 1931), Inventor. From ideation to innovation, value is created and solutions are birthed. Creativity is abstract and has latent value, it only becomes evident when it is used to solve a problem or create concrete value. Innovation is animated creativity, without innovation, creativity remains muted. Again, the creation of value is a defining characteristic of innovation. Creative ideas are not patentable, innovative solutions are. Patentability however does not confer commercial viability of an innovation. An innovation may be patentable but not able to put food on the table. The commercial success of an innovation is determined by a number of factors, one of which is the necessity of the solution being created.

Without innovation, a business is not presentable – “Innovation is the new competitive advantage. – Julie Sweet. For businesses, innovation is key to staying relevant, competitive, and successful in a rapidly changing marketplace. “Innovation is anything that is new, useful and surprising” – Drew Boyd. Entrepreneurs are usually expected to present an innovative and impact-driven business with potential for growth when pitching their business ideas. An idea may look creative and not be a lucrative opportunity. What creativity is to entrepreneurship is what innovation is to business. Innovation is short-lived if creativity is short-sleeved.

Without innovation, the future is not predictable – “Innovation is the future delivered.” – Jorge Barba. Museum of the Future is a landmark devoted to innovative and futuristic ideologies. Located in the Financial District of Dubai, UAE, the Museum of the Future is a torus-shaped building with windows in the form of a poem about the future, written by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai. The goal of this museum is to be the first to look to the future, rather than the past. It is said that everything in the museum is predicted to be in 2071. This is quite interesting and fascinating to me because instead of looking to the past in a museum, we are now looking to the future through the lens of innovation in the museum of the future.

Below are some brilliant quotes on innovation and value creation:

“Innovation is the process of taking an idea and turning it into reality.” —Kevin O’Leary

“Innovation is not just about coming up with new ideas, but it’s about executing them effectively.” —Jeff Bezos

“Innovation is the foundation of progress and success in the modern business world.” —Larry Page

“Innovation is about creating value for customers and improving their lives.” —Reed Hastings

“Innovation is the lifeblood of any organization.” —Dr. R. L. Bhatia

“Innovation is a key factor in any company’s ability to succeed in the long run.” —Elon Musk

“Innovation is the key to staying relevant and competitive in the market.” —Mark Zuckerberg

“Innovation is the lifeblood of a thriving business.” —Michael Dell

“Innovation is the catalyst for progress and growth.” —John Donahoe

“Innovation is the key to staying ahead in the competitive race.” —Paul Sloane

“Innovation is the key to unlocking new potential and unlocking new markets.” —Tim Cook

“Innovation is the process of taking a creative idea and turning it into a commercial success.” —Richard Branson

“Innovation is the lifeblood of a healthy business.” —Mark Cuban

“The world will not wait for us. The technological revolution will leave us behind if we do not catch up.” —Kofi Annan

“Information is the oil of the 21st century, and analytics is the combustion engine.” —Peter Sondergaard

“Innovation is the key to unlocking new opportunities and driving growth.” —Jack Ma

“Innovation is the calling card of the future.” —Anna Eshoo

“The best way to predict the future is to create it.” —Peter Drucker

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