WHAT INNOVATION MEANS TO ENTERTAINMENT

 WHAT INNOVATION MEANS TO ENTERTAINMENT

 

A company must value innovation for innovation to add value. In this sense, innovation is a tool for doing other things - establishing a company, growing a business, beating a competitor. But it is not enough to just have an inventive idea; you need to be able to exploit that invention in some way to actually extract the value.

The best innovative companies in my view are the ones which use each innovative step to grow their business and eventually create a cycle of innovation and value creation.

Companies must therefore match innovation with action. Exploiting innovation can apply to all parts of an organisation as well, so while you can have a big bang approach which is great for patents and new products, you can also pursue a path of gradual improvement to help to keep your company ahead of the pack. Also, exploiting innovation can lead to patents or if it is an internal process or technique for example, may best be kept as a trade secret to ensure longer shelf-life. Either way, history has shown that innovation is not a luxury but a necessity, and those who fail to innovate are history.

Adrian Risch, chief executive officer,
Jumbuck

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