Shedding Light On 
Myths & Realities

Myth 1: Innovation Is All About New Things

The Truth: Innovation is not necessarily about doing something new. It’s about solving problems in a new and better way. Innovation is not always about creating a new product or service. It can also be about making an existing product or service better. For instance, Apple’s iPod was not a new product, but it was the way the company revolutionized and redesigned the mp3 player that made it a huge success.

Myth 2: Innovation Is Expensive

The Truth: Innovation does not always mean investing a lot of money. Innovation is a mindset, and it’s about doing things differently. It’s about looking for better, more efficient ways of doing things, and that does not always require a huge budget. In fact, some of the most innovative ideas come from companies with limited resources. So, don’t let budget constraints stop you from being innovative.

Myth 3: Innovation Is Always Disruptive

The Truth: Disruptive innovation is the term coined by Harvard Business School professor Clayton Christensen, and it refers to innovations that create new markets or disrupt existing ones. However, not all innovation is disruptive. Incremental innovation, which is the type of innovation that builds on existing products or services, can also be valuable. In fact, incremental innovation is often less risky and more manageable than disruptive innovation.

Myth 4: Innovation Is A Solo Activity

The Truth: The lone genius is a myth. Innovation is a team sport. Innovation requires collaboration, diversity of thought, and a willingness to learn from others. No one person has all the ideas, skills, or knowledge that is required for innovation. So, if you want to be truly innovative, you need to work with a team of people who bring different perspectives and expertise to the table.

Myth 5: Innovation Is Only For Tech Companies

The Truth: Innovation is not only for tech companies. Every industry can benefit from innovation. Innovation is about finding new and better ways of doing things, and that applies to all industries. For instance, a restaurant that comes up with a new and unique menu item that attracts customers can be just as innovative as a tech company that comes up with a new app.

Myth 6: Innovation Is All About The End Result

The Truth: Innovation is not just about the end result. It’s also about the journey. To truly innovate, you need to be open to new ideas, embrace failure, and be willing to try new things. Innovations are often born out of trial and error, and it’s important to keep an open mind and experiment. Only then can you truly innovate and create something meaningful.

Myth 7: Innovation Is Only For Big Companies

The Truth: Innovation is not just for big companies. Every company, regardless of size or industry, can benefit from innovation. Even small companies can come up with innovative ideas and products that can be successful. What’s important is to focus on building a culture of innovation in your organization so that everyone can contribute their ideas and skills to the process.

Myth 8: Innovation Is All About The Ideas

The Truth: Ideas are important, but they are only one part of the innovation process. It’s also important to have a roadmap for turning your ideas into reality. This includes securing resources, putting together an implementation plan, and having clear goals and objectives. Without this structure in place, it can be hard to make your innovative ideas a reality. 

Myth 9: Innovation Is A Sprint

The Truth: Innovation is a marathon, not a sprint. It takes time to come up with innovative ideas and turn them into reality. This means that you need to be patient, keep trying different approaches, and persist even in the face of failure. Keep in mind that some of the most successful innovations have taken years or even decades to come to fruition. 

Myth 10: Innovation Is A Linear Process

The Truth: Innovation is an iterative process. It’s not a straight line from idea to execution – there will be twists and turns along the way. As you work through the innovation process, you’ll likely need to go back and refine your ideas or adjust your approach as you learn more about what works and what doesn’t. This is all part of the process and it’s important to be flexible and willing to iterate.