Four Types of Innovation in Startups

Startup companies are famously innovative.

I was recently asked to talk to a group at IBM’s Watson Research center about the ways early stage companies continuously create new ideas and new business models. Here is an excerpt from that presentation about four sources of innovation that fuel startup growth.

By recognizing that innovation doesn’t always occur in a comfortable and expected way, you may be able to capture more of the out-of-the-box thinking that happens in your organization.

1. Collaboration

Innovation - Collaboration

Collaboration is the most common approach to innovation – get a bunch of smart people to work together and create new ideas. The more diverse the group’s backgrounds, the better the creativity and innovation.

2. Perspiration

Innovation - Persperation

Nothing replaces hard work. Like Thomas Edison said, “Genius is 1% innovation and 99% perspiration”

3. Unintended

Innovation - Unintended

Some of the most amazing innovation occurs entirely by accident. The trick is to recognize it.

4. Desperation

Innovation - Desperation

Desperation is often the most overlooked yet powerful forms of innovation. Sometimes, the best innovations emerge when you have absolutely no options at all. As they say, “Necessity is the mother of invention”

If you want to see the entire presentation, you can check it out on Slideshare here.

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