When most businesses think of innovation, they think of what I would consider to be transformational innovation. What I am referring to is the big advancements that revolutionized organizations and whole industries, such as the founding of social media giant Facebook (now Meta), the first electric vehicle, or moments like the iPod making its debut at Apple. These are the innovations that entrepreneurs and leaders dream of, picturing a scenario where their ROI is tremendous, they make differences in the world, and they ultimately leave competitors in the dust.
But while focusing on this transformational innovation is certainly one strategy to have, the reality is that a one-time breakthrough only has so much staying power, even if it is as powerful as those aforementioned examples. If you catch lightning in a bottle, as they say, using it to try to stay ahead of the competition truly leaves you missing a large part…