Importance of innovative technology for your business – really?

Found on LinkedIn




Yesterday I have read this post on LinkedIn talking about the current key technologies. It made me think about the role of “innovation” and Boards asking for the “next big thing”, the “pink rocket capable of flying us to the moon”.

Innovation happens when “invention” comes together with “value creation for customers & business”. This includes product delivery obviously. If any of those two ingredients is missing, innovation becomes meaningless.

If we are talking about key technologies, we tend to neglect that they are pure enablers. To put it more bluntly they are simple toys. From a commercial perspective, the thinking must start from a customer problem. In the majority of cases, there are existing technical solutions to a given customer problem that don’t require “key technology”.

What if some companies just cleaned up their registration flow instead of thinking about virtual reality? What if some CEOs tried to impress their Boards with improved conversion rate numbers instead of showing fancy “pink rockets”?

In most cases what you need to do is much more basic than you expect it to be. And please don’t start with technology, but with a customer problem and your existing product…