Innovation has become a corporate buzzword. But constantly talking about an idea is totally different from practicing it: One is about wishful thinking; the other, is about action. Innovators are doers, they act.
But how can a business organization achieve this goal? Well one way is to build a companywide culture of innovation. This strategy should require tangible steps like creating the right internal teams, setting up the right processes and procedures and rewards but also require intangible steps like giving employees room to be creative, and even more important is encouraging them to take risks and initiatives.
But at the end what counts is the perception that a costumer builds in his mind about the value of a firm goods or services. Innovation has to be good value. It’s not innovation at any price or cost.