Innovation Articles

By Patty Seybold

The Peer-to-Peer Economy Is Growing


I just returned from Africa, where P2P money-swapping via mobile phones is ubiquitous. The primary form of banking for most families is Savings and Credit Associations (SACCOs) that are formed by groups of villagers in every community. People put in a few dollars each week, and borrow money at interest from the kitty when they want to buy a pig or fix their roof. At the end of each year, the profits are distributed out based on the amount each person has saved/invested. This tried and true model has been flourishing for decades in third world countries.

Innovation: Creating vs. Problem Solving


Innovation is different. Innovation doesn’t arise out of problem-solving, but out of creativity. It takes you to a different place. In industry, innovation often involves different business models, different materials, different processes, different disciplines. Typically, the “problem” doesn’t get solved; it vanishes. It doesn’t show up. It’s no longer relevant.

5 Steps to Success in Customer Innovation Programs


The customer is the most important component of product innovation. Making sure that the voice of the consumer is being heard ensures that the product is fulfilling the needs and wants of the market. Identifying the new opportunity within the customer base will drive success, and allowing your target market to participate in the change will create a sense of product loyalty. A great way to test a re-design is to allow non-customers to be your critics,. If you can win them over you are tapping into a new realm of success. Think of the marketplace as a mutually beneficial ecosystem where one could not exist without the other.