There is always a misconception about “Innovation”. Many think that Innovation is all about inventing a new product or an amazing website like facebook. What many don’t realize is that innovation is also about finding a new uses for old products. I was reading a book by Peter Drucker and found an interesting statement about ‘Innovation’, which gave me a totally new perspective towards looking at things.
Peter Drucker says that a salesman who succeeds in selling refrigerators to Eskimos to prevent food, from freezing would be as much of an innovator as if he had developed brand-new website or invented a new product. To sell Eskimos a refrigerator to keep food cold is finding a new market; to sell a refrigerator to keep food from getting too cold is actually creating a new product. Technologically there is, of course, only the same old product; but economically there is innovation. – Peter Drucker (“Management: Tasks, Responsibilities, Practices”)