Innovation has become the buzzword for the 21st Century. It's the quality we most aspire to, the basic requirement for any new venture. The word that gets slapped on every new effort, no matter how conventional. In a special feature, Peter Diamandis talks about what innovation actually is, while Tim O'Reilly calls anything described with the "I-Word" "dead on arrival." Click here to read more on both view points from the November Entreprenuer Magazine.
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While I agree with O'Reilly that innovation should be fun, it's difficult to be innovative without the monetary incentive. Innovations are very costly to achieve and if people lose more money than they put into new innovations, what is the point of trying?
Secondly, I agree that now's a good time to be innovative instead of playing it "safe," but the current economic state is making it very challenging for companies to "gamble" their future by creating something radical.
I agree with Tony. Although ideally, innovation should come organically without the monetary benefit necessarily driving it, it's hard to be innovative without thinking about monetary implications, positive or negative. In response to the need to have radical innovations, I agree with this notion, but I think that it is also important to not forget about incremental innovations as well. Although incremental innovations aren't huge strides forward, they still offer consumers benefits that don't currently exist.