Every once in a while an individual or a firm comes up with an innovation that captures the attention of the entire world. The very nature of the innovation makes it a sure shot success and before long, that innovative technology is used as a staple food by people, businesses or the government. For example the ‘Internet’. 2019 without internet is more an unthinkable, almost nerve-racking though. That is the impact that certain innovations have.
On the contrary, there are some innovations that don’t pick up the pace and gradually fade away. Reasons for that may be manifold; a better alternative technology or it may too complicated maybe some of those reasons.
So what makes an innovation click? Is a new technology necessarily better than upgrading an existing one? Why do some innovations fail?
Innovation is considered to be successful if it is able to provide a way to fulfil an unfulfilled need.
It is a concept that didn’t exist previously or it is an improvement in a pre-existing concept or the innovation has happened through change.
Any idea that is able to fulfil any of these three definitions can be considered a successful innovation.
But not innovations are successful. Some fail. The reason that some ideas don’t click is that either they are not radical enough or maybe the problem that the idea is trying to solve does not warrant the birth of a new concept to be overcome. A ‘failed’ innovation may not necessarily be a ‘bad’ concept. Other factors such as faulty timing, improper launch strategy, the un-defined target audience may also play a role in its downfall.