What is innovation?
Does innovation just mean doing something new? No, that isn't enough: innovation is doing something new that works for humans. It must meet a human need, fit into a gap in human lives and be affordable to human wallets. However, this creates a paradox:
- If the need were obvious, it would have already been met;
- If the gap in their life were visible, it would already be filled;
- If customers had spare income, they'd already be spending it.
This is the essential challenge of innovations. To succeed, they need to overcome these three barriers: need, gap and...