Recently, I came across a posting regarding innovation. My question is, does work-related innovation still exist in this era or it has become a fairytale which nobody knows whether it has ever existed.

As all of us know, the competition in the major industries (science/technology in particular) is getting tougher and tougher each day. Companies need to get as many business opportunities as possible, in order to maximize revenue and to survive. By doing this…some of the companies might have overlooked the need to innovate.

How many of you are currently working (or have worked before) in a company where innovation is a fairytale…or worse, there’s no innovation at all. I’ve worked in few companies before, and to be honest, none of them treat Research & Development (the source of innovation) seriously. To the directors, R & D is a waste of time.

Is that true? Is innovation really a waste of time? The answer is YES, if you try to innovate for the sake of having innovation (in the IT industry, the best example of this is to spend resources in developing a tool which has no particular use).

Let’s look at companies from 3 different sizes…small, medium and large corporations…

  • Small companies are more likely to promote innovation, because they need it to market themselves….to have the spotlights turned on them. Some of these companies started due to innovation – a new consumer product or a new business application.
  • On the other hand, medium sized companies are normally the companies which don’t promote innovation because they fear that innovation will waste too much of their resources (which are needed for their survival). Perhaps, they should think long term?
  • Almost all successful and big corporations promote innovation. It is a way for them to step up a gear or two in order to remain, or to become more superior than their respective competitors. Without it, they will start to lag behind and eventually forced out of their industry by their competitors who innovate.

Innovation is vital (quite obvious), if the company wants to be the best (or second best) in its industry.  Without it, the company will eventually lose its foothold in the rat race….

p/s….. this post was written based on my personal opinions. If there’s any mistakes, or conflict of ideas/opinions, please feel free to drop some comments in the comment box.