Innovation

Is defined simply as a "new idea, device, or method" However, innovation is often also viewed as the application of better solutions that meet new requirements. And being innovative does not only mean inventing. Innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an in built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem solving. Innovation can increase the likelihood of your business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance.

The following are the characteristics of new idea

1. Relative Advantage is the degree to which an idea or product is perceived as better than the existing standard. Just how much of an improvement is it over the previous generation, the higher the Relative Advantage, the greater the chance of adoption. Many of the most renowned works of art are heralded for the way in which they dramatically moved their genre forward. Relative Advantage is what most people think of when they visualize something being “innovative.

2. Compatibility. How easily can I use my past experience to understand how this new product functions or what this new work means, the higher the similarity with existing norms, the better the chances of adoption, Ideas and people that miss the Compatibility factor are often described as “ahead of their time

3. Simplicity is how easy it is for people to understand the new idea or use the new product. Is this idea a simple extension of logic? Is it an easy-to-use product? If the work or product is seen as highly complex or difficult to grasp, people will shy away from engaging with the product or adopting the idea, let take an example of Instagram, the app actually started as an unpopular called Burbn with the photos as an added bonus. It was only after the complexity was reduced to a single-purpose that its popularity took off. 

4. Trialability How effortless it is for the target audience to interact with the new concepts or experiment with the product, How easily can they try it out, The more potential users or patrons can test the product or view the work, the more likely individuals will adopt it, Listeners try for free and demonstrate their support afterward. The more they can try it, the less uncertainty there is around committing to it.

5. Observability is the noticeable results of trying or consuming the idea. When new products are highly visible, it drives more people to share it and increases the likelihood of mass adoption.