Invention or Innovation?

New inventions usually are attractive. They’re refreshing, unique, clever, first superlatives around. We admire inventions — plus the people and companies that creates them.

What’s Drastically wrong?

That’s why several inventors and internet marketers are left wondering that why did their innovation did not succeed. The reason? Too often that they invent technologies that solve a difficulty that no one cares about or it fails to justify its expense. Or perhaps they solve a difficulty but lack the right business model. Clever and unique as they usually are, unsuccessful inventions offer little value towards the people who would purchase them.

The Innovator’s Benefit in Solutions

Innovators come with an edge in answers. They know that business problems do not change very often but the technologies keep changing. Innovators realize that today’s obvious competition and tomorrow’s stealth competitors alike are working on the next innovation to solve identical business problems which has already been solved- but faster, far better, cheaper etc. So innovators know that they have to continually update their solutions in new methods to add lot more value.

E2.0 as well as E1.1?

Another example: Recently we had attended the Enterprise 2.0 Conference in Boston. Enterprise 2.0 (E2.0) is the Web 2.0 version of that which was previously known while groupware, knowledge administration, or collaboration software package (among others). Of course E2.0 does all the same things – and much more – than the predecessors, for example, helping interested groups to work together across organizational border.

Importance

So where will this value come from? Value is the difference between the total cost of a solution and the importance in the eyes of the customer:

Cheap solution + high benefit = high value

Cheap solution + low benefit = low value.

So innovations could drive greater worth by meeting the needs of customers, simply by speeding deployment, racing processes, lowering prices, etc. It’s certainly not the technology as well as invention alone which drives value; rather it’s an ability to find a solution to a problem for which the customer would happily spend their hard earned money.

Technology Alone Doesn’t Drive Innovation

What actually drives innovation is the application of new technologies as well as methods – to unravel a meaningful company problem and in an easy method. In fact, when you can find a better approach to solve a dilemma without changing the technological know-how, that’s an OK way too. So meaningful innovation can come from your revenue model, your business model, pricing model, customer support plan, partner ecosystem – just about anyplace as long as it helps the customer to solve their business problem in a very cost-effective manner of Invention Marketing.

And that is why solutions are consequently compelling: solutions encompass the entirety of what’s needed to solve the problem – additional than technology on it’s own. You may not require to provide all facts of the solution, but by taking into consideration as a whole, you will throw open more opportunities intended for innovation that in the long run drive revenue as well as customer loyalty.