Why Economics Is the Most Empowering Innovation Concept - DataScienceCentral.com

I am a believer that the pathway to innovation must end with putting a product or service into the market that provides economic value to customers, economics the branch of knowledge concerned with the production, consumption, and transfer of wealth. Innovation is about economics and economics is about value creation. Products or services that never reach the market may have been great ideas, but you can't pay the mortgage or buy your Venti Chai Latte with great ideas. Yes, I believe for something to truly be an innovation, it must achieve market success; it must deliver economic value. I know that probably buts me in conflict with some traditional innovation thinkers, but that's what makes my role as Chief Innovation Office at Hitachi Vantara so…interesting (see Figure 1).