Few days ago we've got a question in one of our interviews in Australia: So, how do you define innovation after this 5 months of journey?
We have started this trip willing to get into innovative business models... but as quick as the first interview we made with Anand from Sunsure, back in Delhi, we realized that our American model of defining innovation would be compromised in a round the world quest.
What sometimes is business as usual for guys in India, can easily help someone in Brazil to disrupt it's business as usual... that was an exciting finding, proving that our idea of connecting this people could work well, but the focus on business model innovation idea quickly got dissolved as would be rather impossible to define what was an innovative business model from the start in every single country we were going to visit.
Don't get me wrong: Innovate yours or the industry business model is key for maintaining your competitive advantage over the long run. But to set a baseline and define what makes a BM innovative from the start, makes little sense to our final objective.
What really makes sense is to think of the processes of innovating the business model. The incremental or major movements a company can make to be more competitive. How they deal with day to day and market challenges. That's pure strategy, you need to know the market, the clients and understand your own resources.
Today, I define innovation (not just talking about BM, but can be applied for your product design, recruitment strategy or any other aspect of the business) just like that:
Innovation is any increment done (in any aspect of your business) to improve your competitive advantage.
With that in mind, the community we try to create is focused on people that want to make an impact through their work and therefore, they are not afraid to chase innovation and embrace it. Bringing all of them together, gives us the opportunity to collaborate and help each other to improve our business, face our challenges and develop new opportunities (specially abroad!)!
Curious to hear some of your thoughts also! What do you think about innovation? How would you define it? What do you think about Business Model Innovation?