Found this great article on the recent issue of Unlimited Magazine, which I thought of sharing with you. While this sounds very simple, its not easy to get right, which explains why we have zillions of solutions looking for problems to solve.
"Innovation is about creating value for consumers and foremost and then producing economic rewards to the seller. The combination of those two things is really the essence of what innovation needs to be focused on. A lot of people confuse innovation and invention. While developing IP is critical aspect for business and it does provide economic value, there are lot of patents that are filed and don't actually produce any value. They might be very clever, unique, original inventions but it doesn’t count as innovation unless a customer feels that they are being served enough for them to part with some real money for it". Darryl Rhea - CEO of California based Cheskin Consulting, speaking at the Better by Design CEO Summit in Auckland, New Zealand in May 2007.