An article this past winter from Industry Week that astutely pointed out that industrial companies are not innovating enough also pointed out that many companies believe the following innovation myths that are, of course, not true.
- Myth 1: Innovation only applies to technology and products
Don’t forget process, customer service, and the consumer experience! There’s lots of room for innovation there. - Myth 2: Innovation is a long-term project.
Innovation really is about creating and capturing new kinds of value in whatever way is most relevant to a particular industry over a range of timeframes. While some innovation projects will take time, some will happen quickly.
- Myth 3: Innovation happens by chance.
While innovation sometimes happens by chance, it is, in fact, a discipline and not a random chaotic process or black box.