5 Lessons in Innovation
NEW YORK (TheStreet) -- A person can't just sit down in front of a computer and expect to innovate. Innovation comes about in many ways and in response to many things -- real-world problems, conflicts, situations, complications or confrontations. There is just no telling where the next new idea will come from.
Here are some amazing tips and insights just from among my mentors, colleagues and peers:
Vapor Corp.: CEO Kevin Frija introduced electronic cigarettes to a market saturated with traditional tobacco cigarettes. Vapor
But innovation does not necessarily mean constant change in your core product, he says. "If we were to completely change the technology in our e-cigarettes so that they would be different from the competition, we would lose our customer base and the curiosity of new users," he says. "Our goal has been to keep up with market trends, but continue to innovate in other ways, like making our products available on the mobile app market to connect ourselves to customers."
TravelSolutions by Campbell: This travel and expense solutions company was one of the first U.S. companies to deploy an online booking system. That's because, CEO Bill Campbell says, the company had to reinvent its business after the birth of the Internet and its radical realignment of the travel industry. By embracing robotics technology instead of running from it, the company gained a significant advantage over the competition. Many travel agencies went out of business while TravelSolutions by Campbell (then Campbell Resources) grew explosively.
"In the late '80s, robotics technology was just being introduced; however, it was very costly to install. We made the decision to reinvest in our business and used robotics to automate fare scanning to look for lower airfare opportunities. Today, we take a variation of this same software and blend it with a new invention called ChangeGuard to enable customers to secure even lower airfare post purchase, because ChangeGuard mitigates the heavy airline-imposed ticket change penalty."
TravelSolutions by Campbell says it is able to save an average customer an additional $30,000 in net savings per $1 million in air travel spend by eliminating change fees from airlines worldwide. As a result, it is quickly becoming one of the most successful corporate travel agencies in the country.
"We have always been innovative and driven by customer ideas," Campbell says. "Following the airlines' commission eliminations and subsequently 9/11, our only chance of survival was to do something different. Now it is engrained in our culture. We are currently launching numerous new inventions, such as a Travel Command and Control Center and a hotel cluster shopping application" -- steps he expects to create another "tidal wave" of growth.
Ultimately, the lesson Campbell learned was that when new technology threatens to change or destroy an industry, companies have to embrace, adopt and incorporate that technology and bend it to their needs.