I’ve been talking for a while now in my speeches how crucial value is to innovation. It is no consequence as a result that value sits at the center of my definition of innovation:
Innovation transforms the useful seeds of invention into solutions valued above every existing alternative – and widely adopted.
In this definition you will also see that I draw a distinction between useful and valuable, and I develop it further in my book Stoking Your Innovation Bonfire – the following is an excerpt on the topic from the book:
“Often usefulness comes from what a product or service does for you, and value comes from how it does it. If you’re looking to truly deliver innovative products and services into the marketplace, then once you succeed at the designing and developing the ‘what’, don’t forget to also focus on achieving excellence in the ‘how’.”