WIKI gives defination of Innovation: is the creation of better or more effective products, processes, services, technologies, or ideas that are accepted by markets, governments, and society. Innovation differs from invention in that innovation refers to the use of a new idea or method, whereas invention refers more directly to the creation of the idea or method itself.
I think a brand’s innovation is more difficult because they need to do market rsearch to know whether their innovation can make more money for the company.
A successful innovation can bring profit for the company.
iPod, iPhone, iMac. Apple is the “i” word in action. Led by Steve Jobs, the company has disrupted three different industries — computers (the Mac), music (the iPod) and movies (Pixar).
It all starts with the foot, such as sneakers designed to mimic the experience of running barefoot; or the incredibly cool lineup of footwear, Nike , which works with the iPod. The company puts its money where its mouth is: In 2007, it donated $9 million to create the Nike School Innovation Fund (NSIF) in Oregon public schools.
No more penmanship jokes please: This $44.5 billion drug management company is exploring ways to coax pharmacists to switch from handwritten to electronic prescriptions. It is also moving quickly to switch to generic drugs, and is a leader in the development of personalized medicine. The prescription seems to be working: The stock almost doubled in 2007.
CEO A.G. Lafley was determined to banish the “not invented here” syndrome from this consumer products company. He has. More than half of its new products now include some form of outside participation, such as a technology, a license, or a patent.
The C2, a new desktop climate control device, warms and cools, just one more way the Wisconsin furniture maker brings modern innovation to its old-economy product base. The key to keeping its products fresh: watching how people actually live and work and establishing relationships with top designers. The company is also at the forefront of using sustainability as a way to drive innovation.
It bought a dose of innovation with its purchase of Pixar but the studio is hitting on other cylinders, too, as CEO Bob Iger has made it his mission to lead the company into the frontiers of technology. He sees Disney as a digital entertainment powerhouse, including online games, virtualization and new uses of the Web
This relatively small company ($8.6 billion in revenues) punches above its weight, with No. 1 or No. 2 positions in most of its brands, which include Jim Beam, MasterLock, and Titleist.
Promising enough that a certain investor named Buffett bought in, this railroad operates 32,000 route miles and moves more intermodal freight (i.e., in containers) than any other company. Burlington has entered adjacent industries, such as logistics, and is creative in its operations. One example: It is reconfiguring its rates to encourage shippers to improve safety when transporting hazardous materials.
Green salads, transfat-free oil, healthy happy meals, nutrition information on the packaging: What’s going on here? Micky D’s is still the king of junk food (2007 revenues: $22.8 billion) but has diversified its menu in a way that customers seem to like. And investors are lovin’ the financial results.
The biggest owner and operator of distribution facilities, this Denver-based company won kudos this year for its participation in the green and creative Mueller airport redevelopment project in Austin, Texas. Since 2006, all of its U.S. projects have been designed to meet or exceed the standards set by the Green Building Council.
After we see these brands’ successful innovation, we need to think why they are successful, what elements make them sucessful? Just see the chat below.