Innovation is not a luxury, it is a necessity to help us develop effective solutions that have a meaningful impact. However, being innovative is not enough. We discuss two additional elements, besides innovation that are essential for success.

 

If you believe the hype, you would believe that innovation is about creating the next big thing. It is not. At its best, it is about solving real-world problems, making people’s lives better, and driving progress. At its core, innovation is the catalyst for change, the spark that ignites revolutions in industries, societies, and economies. However, for innovation to truly make a difference, it must be rooted in addressing legitimate problems and executed effectively.

Over the past few weeks, there has been considerable discussion about the Humane AI Pin, a wearable device created by Humane Inc., an American consumer electronics company, that was touted as the replacement for the smartphone. Hundreds of millions of investment dollars later, the product became publicly available earlier this month and was roundly panned by industry experts for not delivering close to what it had promised.

However, one of the biggest criticisms of the Humane AI Pin, which should overshadow all of the performance-related issues identified, is that it was trying to solve the wrong problem. Although innovative and having a solid technical team the Humane AI Pin was built to replace smartphones, which many would argue was not a real problem, as people were not hoping for an alternative to their phone and more so one that had fewer features and capabilities.  

In a different vein, a recent discussion on fintech in Jamaica referenced an article published nearly a year ago which reported that there were over 20 companies in the country’s fintech regulatory sandbox with most of them testing prepaid card and/or mobile wallets (Source:  Radio Jamaica News). Noting the diverse range of services categorised under fintech, there is considerable scope for innovation. It thus was sobering to realise that (so far) only a tiny sliver of that pie, and arguably among the lowest-hanging fruit, was being pursued.

 

Innovation to solve small and large problems

To be fair, with the launch of JAM-DEX in 2023, Jamaica’s central bank digital currency, there has only been one digital wallet available. Hence there is space for more in the market to give consumers more choices and to better align with their money management needs, and consequently, an opportunity for innovative solutions to be created.

On a completely different scale, we saw the need for innovation during the COVID-19 pandemic in areas such as healthcare delivery, remote work solutions, and vaccine development. Similarly, to better address climate change, there is an urgency to develop sustainable energy sources, waste reduction techniques, and carbon sequestration technologies, all of which are legitimate problems that could benefit from innovators directing their efforts toward creating meaningful solutions.

 

Can safe be ‘too safe’?

In the Jamaica situation previously outlined, and with over 20 companies all building similar products, it begs the question of whether they are all being too safe. Although there may be a need for more digital payment solutions, do we really need 20?

This posture is quite common in the Caribbean region, where there is still a relatively low appetite for risk. In pursuing what could be considered a sure thing, we can end up in a saturated market with promising ventures eventually becoming casualties of being safe.

 

Execution is crucial to successful innovation

While innovative ideas are essential, execution is equally crucial. Without effective implementation, even the most ground-breaking concepts remain unrealised dreams.

One of the key aspects of successful execution is adaptability. Innovators must be willing to iterate, pivot, and learn from failures along the way. This iterative approach allows for continuous improvement and ensures that solutions remain relevant and continue to have an impact in an ever-changing world.

To that end, collaboration is vital in execution – an aspect that we still struggle with in the region. There is still the fear among Caribbean entrepreneurs and innovators that people will steal ideas and so there is a reluctance to share, even when there are benefits to be gained. However, by leveraging diverse perspectives, expertise, and resources, obstacles can be more effectively addressed, and the pace of progress accelerated.

 

Parting thoughts

A key takeaway from the Humane AI Pin saga is the importance of ensuring that you and your team are solving the right problem, which can be applied not only when you are trying to create the next big thing that will change the world, but also within your organisation or when working on a particular project. A critical question to ask is, “What exactly is the problem we are trying to solve?” and it is vital to examine the answer carefully and rigorously.

At the same time, we cannot be too safe. We ought to consider the environment or market in which our solution is to operate; for example, whether the market is already saturated, or whether the solution is addressing consumers’ needs or pain points.

Finally, an innovative idea is nothing unless or until it is successfully realised. Further, not all routes will get to the same outcome. For innovation to achieve its highest potential it requires a good idea, competent implementation, and a favourable environment in which to thrive!  

 

 

Image credit:  Piyapong Saydaung (Pixabay)