Garmin, Google Give Map to Path of Innovation

Everyone talks about innovation, but what does it really mean? Is innovation a product, a service or a technology? It can be all of these, but it’s also something more. To be called an innovation your “product” must be adopted by the market and customer as an improvement in the way people live, work or play. Innovation doesn’t occur until the market decides your product is what they have been looking for and they buy it.

Too often, companies look at innovation as something they accomplish inside their organizations. So let’s be clear: Discovery, invention and product development occur inside the entity. Innovation occurs when the entity connects with the customer and commercialization of the product.

…Read the rest of this article on The Street.

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