ABSTRACT
Innovation involves looking at new ways of doing things. Although innovations can be brilliant inventions, they often emerge from just looking at a situation from an alternate perspective. Specifically, innovation can take on many forms and can occur at many levels, such as direct changes to a product or service. Examples include 3M with its sticky notes, Qantas with the Business Class in longhaul markets, Virgin Atlantic with the in-flight entertainment at individual seats, Hitachi with the Plasma HDTV, Lufthansa with the all Business Class transatlantic flights, and Amazon with the Kindle e-reader (a device to digitally read books, newspapers, and magazines). Or an innovation can change an entire industry, just as Apple’s iPod changed the music industry, Cirque du Soleil, the Canadian live entertainment company, changed the circus industry, and Nintendo’s Wii changed the video game industry. Yet another form of innovation involves revamping the way in which business is traditionally conducted within an industry. Consider how Enterprise Rent-A-Car changed the car rental landscape by segmenting the market and targeting those in need of transportation due to car repairs as well as travelers, and by offering alternate distribution channels (storefronts in the suburbs rather than kiosks at the airports). Moreover, how about Zipcar, the car-sharing startup, that has totally elevated the concept of personal mobility. Think about how eBay, the online conduit for buying and selling goods, literally turned upside down the traditional second-hand sales channels, such as flea markets and garage sales. EBay’s innovation allows one to buy or sell almost anything, anytime, and anywhere in the world.
