Photography giant Kodak, which filed for bankruptcy in 2012 actually invented the digital camera. Steve Sasson and his team from Kodak Apparatus Division Research Laboratory created the breakthrough Innovation in 1975. However the team was met with puzzled managers who could not comprehend why customers would ever want to view photographs on a monitor. Their business was optimised for developing photographs-making paper film and other supplies-not capturing memories.
It is possible to be in business and think narrowly yet make a lot of money like Kodak did for in the short run. The good news is you won’t do that in the long run. What Kodak did is what many Companies do; they have perceptual conceptual mistake thinking- wrong thinking. What does that mean? How you define your Company determines how you will adapt and innovate in future.
The late Steve Jobs once went to Apple and asked the leaders, “what business are we in? ”
Most of them answered, “we are in the computer business”
He looked at them and said, ” we are screwed if we think we are in the computer business”
At Apple that above discussion led Steve Jobs to sell the idea that Apple was in the business of “THINKING DIFFERENT” They helped us think different about music, Television sets and phones. But that was possible with how they defined themselves or the value they provide. What value do you provide or what business are you in?
Instead of defining your value proposition based on a product or service , discover what exact value you provide by asking the following questions;
- What value do we deliver?
- Who is our client?
- What tools do we use?
- What is the end result of our service?
An example is at Sudesh Int’l consult we are in the business of proving clarity (Value) for innovators(niche) through training, coaching and consulting (tools) so that you increase profitability by at least 40% in 12 months (end result).
If you want to lay the right foundation for consistent innovation, define yourself based on the value you being to the market not based on an industry product or service.