book.chapter Innovating continuously - enhance offerings

In the dynamic world of business, standing still is not an option. Companies must continuously enhance customer satisfaction to stay ahead, as clients will gravitate towards competitors who innovate. Dean Kamen, the inventor behind DEKA Research and the Segway, emphasizes that innovation is a continuous journey, not a one-time event. Customers seek improved solutions to their problems, not just new inventions or technology. When a new technology enables previously unthought-of solutions, that's when true innovation happens. However, it requires a long period of adaptation and creative problem-solving. Victoria Griffith echoes this sentiment, highlighting that when disruptive technologies emerge, it may be wise to follow Clayton Christensen's advice from "The Innovator’s Dilemma" and create a separate entity to nurture the innovation outside the confines of the established business practices. Peter Senge, an MIT professor, outlines that for a corporation to foster innovation, it must become a learning organization with a commitment to systems thinking, lifelong learning, mental model development, a shared vision, and team learning. The pharmaceutical industry exemplifies the unpredictable nature of innovation. Despite extensive research and investment, drug discovery remains a gamble, with only a fraction of new treatments reaching the stage of human testing. Yet, the potential profits drive the industry to continue this high-stakes pursuit, as Victoria Griffith notes. Finally, William Haseltine points to regenerative medicine as an emerging field with the potential to revolutionize health care by repairing damage from illnesses and significantly extending life spans, representing the next frontier in medical innovation.