Business Innovation Consulting Honolulu HI

Charles “Chic” Thompson often talks with companies about tips for coming up with innovative products to sell in today’s market. Thompson is the founding partner of the Creative Management Group and a fellow at the University of Virginia’s Darden Business School. He’s worked in product development for W.L. Gore and Associates, Johnson & Johnson, and Walt Disney. His book What a Great Idea! (Perennial/HarperCollins, 1992, $15) was a main selection of the Executive Book Club. What a Great Idea! 2.0 (Sterling, $14.95) will be released in early 2007. Thompson sat down with StartupNation to talk about how new businesses can foster a culture of innovation.

How do you define innovation?

Thompson: I look at the word differently than most. I don’t consider innovation to be just the generation of ideas. I believe ideas are the currency of a business’s future. For a business to grow, it has to have a culture of actionable ideas. Therefore, innovation, by definition, is turning those ideas into action. It also means eliminating ideas that you know are going to never work and inefficient processes, like unnecessary reports, approvals and meetings. Innovation is both “create and destroy.”

What makes a product or service innovative?

Thompson: Most people think innovation is about meeting a customer need. I believe innovation is about eliminating a customer sacrifice.

For example, let’s look at health care in America.

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