Built to Last – What is Innovation?

Innovation is a much hyped word, you don’t need to read far in the business press or media to be exhorted to innovate; but what actually is innovation? And how do you do it well?  To quote Management writer, Peter Drucker:

“Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced.” (Drucker and Drucker, 2007)

This quote argues that as the wider environment changes, organisations need to change their offer to match customer requirements, therefore firms need to develop capabilities to innovate and manage these changes.

For us at Bott, our challenge is to act in an entrepreneurial way, exploiting change to create solutions which satisfy the needs of our customers. As argued in the quote, the actions involved in doing this can be learnt as a discipline and process. The scope of this subject is huge but in this blog we’ll just touch on some of the principles which drive our innovation strategy and give some useful examples of innovation.