Work-based Learning Toolkit and Partnership Plans

Introduction to Innovation

Innovation plays a huge role in how products are created but what is innovation?

Innovation should push boundaries and be out of the ordinary. When thinking about innovation, it is impossible not to think about Apple. Apple has created and continues to create unique products with tremendous success. The iPhone, iPad, and iWatch have all been innovative products. Although smaller companies may not have Apple’s global success, the need to innovate is just as valid. SMEs need to constantly seek advancements in their products, technology or services, usually by investing money in research and development activities.

Hence, an innovation strategy is essential for companies that want to gain competitive advantage.  An effective innovation strategy should be inspiring and add something unique to the product or service being developed. As a company, the aim is to increase the value of a current product or create something brand new that will draw the consumer in.

We love this TEDex talk from Guy Kawasaki who explains the link between meaning and innovation in product development and marketing.

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