Dr. Evans Baiya explores the definition of innovation and why it matters.
Episode Transcript:
We need to have a clear definition of what innovation is. For us, after all the work we have done over the years, we have simplified the definition of innovation to “creation of new value.” However, we need to have a very clear parameter around what value is. And we say that value is only obtained if you solve a very specific problem or get a job done that needed to be done. And that value is validated by the customer or the user or the person who needs that job done. The last piece, which is really important, is that the user or the customer is willing to pay for it, or trade for it, but they are willing to pay a price for it. We need to be co-creating with our customers. We need to be listening to them and they should be giving us feedback. So, when we talk about innovation it’s not just, you came up with a new thing. If it doesn’t solve a problem, if somebody doesn’t say it’s true this solves a problem that I needed and I’m willing to invest in it one way or the other, then you have not really innovated. You may have invented but not necessarily innovated.
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