Stop thinking about products. Projects are the tails that wag the dogs in business. Think about true innovation: industry redefinition, business model innovation, value chain innovation, and redefinition of customers’ problems to provide end-to-end solutions. Ebay created a new industry--by enabling sellers to find buyers. Apple redefined the business model for the music industry. Dell made build-to-order standard operating procedure. Those are innovations.
The innovations that transform businesses and industries usually aren’t new product ideas. The most profound, game-changing, cash flow-generating innovations are transformational in nature. They transform your business and they change the game in your industry.
Instead of focusing on products, focus instead on customers’ desired outcomes. Get those right and they’ll lead you to transformational business solutions. Don’t sell me a better wrench to repair my car; provide me a car that never breaks because it heals itself. Or, better yet, how about a cost-effective and convenient transportation solution that is guaranteed to get me where I need to go?