INNOVATION IS NOT JUST ABOUT INVESTING, IT IS ALSO ABOUT SAYING The very small investment that Australian businesses are making in innovation is costing them a great deal more than it is saving them – and increasing the investment in innovation can not only increase revenue, it can save money. The godfather of disruption notes […]

INNOVATION IS NOT JUST ABOUT INVESTING, IT IS ALSO ABOUT SAYING The very small investment that Australian businesses are making in innovation is costing them a great deal more than it is saving them – and increasing the investment in innovation can not only increase revenue, it can save money. The godfather of disruption notes three types of innovation: Efficiency Lifecycle Disruptive Efficiency innovation is all about reducing the cost of production, something Australian businesses are considered good at. In my view, this is an important form of innovation. While it does not necessarily cut marketing costs, it none the less delivers savings. Extending the lifecycle of a product or service is equally important, but far less common in my view. Further it is in this area that real marketing savings and real increases in return on investment can be achieved. Extending the life cycle of a product or service…