Thoughts on Innovation – Jesse Abrams
Homewise Founder & CEO
What is your definition of “innovation”?
In simple, innovation is never accepting the status quo. It is looking at current options and thinking about not only how to improve them, but also how to transform them in a way that nobody would have ever expected. It can be based on what is “next”, but true innovation comes when the focus is on what has never been created before. It’s not about getting ahead of the curve, it is creating the curve.
Why is it important for companies to innovate and invest in modern technologies?
Client expectations are changing more quickly than ever before. If we as companies do not move faster than they are, not only will we lose their interest and affinity, but there is more than likely another group of smart people building the next disruptive idea in their basement (that’s where we started!). If giants like Blockbuster, Blackberry and Kodak can fall from grace as quickly as they have, anyone can. On the more positive side, innovation enables companies to develop new experiences and products that they may not have ever been able to before. Unlocking areas for growth and engaging customers to have deeper relationships.
What advice can you give to Canadian businesses looking to make the most out of their investments in innovation?
If your innovation is based on where customers are today, then you probably aren’t going to build something that will be sustainable and scalable. Don’t just think about digitizing processes, think about where your customers will be 2, 5 and 10 years from now. Change does not happen overnight, so focus on what you can do to innovate for the future.