2. Mapping Innovation: What Is Innovation and How Do You Leverage It?
A New Model of Strategic Innovation
One of the most common misconceptions is that innovation is primarily, if not exclusively, about changing technology.1 Mention innovation to many business-savvy CEOs, and they envision R&D labs where engineers and scientists are developing the next new technology. However, innovation is not just about changing technologies.
High-performing companies innovate by leveraging both new business models and improved technologies.2 In Chapter 1, “Driving Success: How You Innovate Determines What You Innovate,” we described the business model innovation of Dell and the technology and business model innovations of Apple. Plenty of other examples abound. ...