If you have the chance to browse through the recent business books there are many out there that talk about innovation. Innovation indeed has become a popular word in today's business world. However, a very famous retired marketing professor, David Aaker , recently gave a speech on innovation. He said "Innovation without branding reduces its potential business impact." His whole idea was that once you brand your innovation/technology, it won't matter if the competitor comes with a copy because you own it. In other words, branding allows the company to own the innovation. For example, Apple cannot claim they own the MP3 technology but they can certainly say that they own iPod (imagine what would happen if Apple did not brand this user-friendly MP3 player!) So here is the bottom line is: Competitor can copy the technology in a relatively short period of time but not the brand. Aaker's speech has led me to explore further the relationship between innovation and impact on business. The question I have in my mind is: How does innovation impact the way company does its business? As my marketing professor, Rashi Glazer, have once said: Innovative technology might have provided new solutions to the customer but it has not changed the fundamental business question: What is the core benefit that your innovative technology is providing to the customer? What problem are you trying to help the customer solve with your new technology?
Once again, I am convinced that technology is not the answer to the business question, the passion to improve human being's life is.
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