Abstract: This article articulates the proposition that innovation is about problem solving, understanding how to ask the right questions, and seeing patterns before facts. All these aspects of innovation help companies develop the right product or service for their customers. This article’s main conclusion is that all the employees in a company have the necessary skills to be innovative. The key challenge faced by most of the companies is not to develop new innovative products for the customers but to create an experience for the customers that also preserves the brand equity those companies had built in the past. It is imperative for companies to preserve their brand equity and simultaneously seek out all the innovative opportunities discovered while developing a new product.

Published: Bloomberg Businessweek, March 2011

Authors: Laura Jakobsen

Link: Innovation