Innovation can come from a number of different situations. Sometimes innovation comes out of necessity: to prevent a company from going out of business or to prevent an industry from losing touch. Sometimes innovation comes out of luck: product development gone wrong or a “just for fun” project goes the distance. And sometimes innovation is a well-planned strategy.
Companies that live on innovation have always found their place in the market. The book, Blue Ocean Strategy, written by W. Chan Kim and Renee Mauborgne, is excellent read on this subject. Instead of fighting in the red oceans, where bloody competition is the name of the game, Blue Ocean companies create their own uncontested market. They take an existing idea and change it to find a new market.
A company that is built out of this type of strategy is innovating all the way. Built from the ground up on the ideals of innovation, they tend to change the game for many well-established organizations, and open up consumers eyes to greater ideas and expectations. Some great examples they use in the book are Cirque de Solei and Southwest Airlines, two organizations that approached old industries in a new way to capture their own market.
What is your Blue Ocean? Stop cutting prices. Stop the negative ads against your competitors. Find your own market and let innovation guide you to even greater success.