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What Is Innovation?

I like to describe innovation through an old – yet relevant – joke.

The story is of two men who are mountain-hiking when they stumble upon a hungry grizzly bear. Immediately, one of the hikers takes off his backpack and hiking boots and proceeds to put on his running shoes. The other hiker looks at him and asks, “What are you doing? You can’t outrun a bear!” The first hiker responds, “I know, but I only need to outrun you!”

This is innovation. It is not about new products, new processes, new services, or new ideas. It is about staying one step ahead of your competition so that you are not eaten.

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