Innovative business come into prominence in April 2010, when the world witnessed one of the best invention ever made. Steve Jobs introduced iPad, a device between a phone and a personal computer that changed the market. There is no such thing called the ‘tablet’ computer before. iPad defined the market.
Three years before iPad, Steve Jobs changed the mobile phone industry when Apple launch the iPhone. A breakthrough communication device with combination of wide touchscreen, revolutionary phone, and internet communicator. It defined the term ‘smartphone’.
Ever since, we have seen many innovative products. You name it; GoPro, Tesla Model S, Apple smartwatch and etc. Innovation has always related to introducing technology, however, it is not always the case. Sometimes it comes in the form of a sponge, look at ScrubDaddy. Innovation also come in the form of design, you can check IDEO. The company even have the whole framework use by their team to develop innovative design. If you want to look for the whole strategy of innovation, you can check the blue ocean strategy, a whole book dedicated to the subject.
While there are many tools and example of innovative business, there are many failures as well. Sometimes business focus too much on pursuing innovation and ends up with creating a product that is not accepted in the market. What a business think is an innovation may turns out to be a little gimmick.
In more simple word, the whole idea of innovation is excellent approach to business but bear in mind that being innovative also need to consider the demand of consumers.