The Importance of Innovation in Modern Business

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THE IMPORTANCE OF INNOVATION IN MODERN BUSINESS Lesson #1 Anticipate Future Needs and Applications of Current Technology One of the temptations in connection with any new technology is to believe that it represents a finished project and that the only uses and applications associated with it are, necessarily, the ones for which it was originally intended. Instead, innovation actually requires that we try to imagine how today's cutting edge technology might be capable of additional applications beyond those for which it was originally designed. Very generally, the entire Internet and the medium of email represent that principle. It is no coincidence that Bill Gates, for example, anticipated as early as 1994 (correctly), that email would eventually become the most dominant of all communications media. Initially, and for several years after the public release of the Internet (then called the "World Wide Web"), entrepreneurs had difficulty figuring out how to monetize the medium beyond the most obvious ways. Today, it seems almost inconceivable that the Internet could have ever been overlooked for all of the ways that businesses have found to do so. Naturally, entrepreneurs with the vision to imagine any of those applications would have had a tremendous advantage over their competitors. The explosion of fully-integrated contemporary social media would be another example of this idea. Lesson #2 Recognize the Intersection of Human Behavior and Technology Some of the
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