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7 Reasons Why Innovation is Important

Lisa Caprelli is featured in FORBES magazine article by Stephanie Burnes, who covers female entrepreneurship

Why innovation is Important in 2020 and Beyond!

why innovation is important

Author Lisa Caprelli featured in FORBES magazine article by female entrepreneurship writer.

By Lisa Caprelli, Author of Unicorn Jazz children’s unicorn book series; Director of Unicorn Jazz Presents The Thing I Do – now on its first season on Amazon Prime!

why innovation is important

Innovation is the cornerstone of sustained economic growth and prosperity.

It is the using of new ideas that lead to the making of any new products, services or processes. Remember Blockbuster?

It could have remained innovative, yet is no longer around.

Netflix began a small business and today’s  Netflix’s market value now stands at $32.9 billion.

Not only is the invention of something new important, but getting it out into the marketplace is just as important. This can involve management restructuring and technological transformation.


Innovation means using new technology and using new ways of thinking to add value to an existing idea or product and to make substantial changes in society.


Innovative women entrepreneur created new business since Covid

Innovative women entrepreneur, Lisa Caprelli, directs and writes UNICORN JAZZ PRESENTS THE THING I DO – on Amazon Prime, a kids show created at the onset of social distancing.

Where do good ideas come from?  I use this video with business people as well as in my talks to elementary school students!

You may enjoy this explainer video by Steven Johnson:

Most exhilarating is Johnson’s conclusion that with today’s tools and environment, radical innovation is extraordinarily accessible to those who know how to cultivate it. 

Different studies have confirmed that businesses want to be more innovative.  In my studies I found on average that almost 90% of businesses think innovation is a priority for their success.

In my book, Skip a Step: Imparting Wisdom for Young Entrepreneur Minds, all the interviews I conducted led to innovation, creativity and vision being important to business success!

Teen entrepreneurship book by female entrepreneur, Lisa Caprelli Skip a Step


The different types of innovation that you are likely to run across include product, process, supply chain and marketing. Here are 7  reasons that businesses should incorporate to remain innovative.

1. Creative Development – Qualities of innovative nature are essential for new businesses today. You can achieve growth by learning how to be creative. You need to learn this business skill to help make things of value from your creativeness. When you have this business skill you will find that it opens up all kinds of opportunities and gives you the potential for a new market and helps you to keep up with the current trends.

2. Continuous Improvement – Innovation gives organizational sustainability when you are making continual improvements and repackaging and re-branding. Any good manager will recognize the need to innovate and grows the business skills to increase their creativity.

3 .Reinforce Your Brand – Development branding is popular in organizational leadership. This process reveals information to help leaders to learn other ways to be more innovative. It is important because it is recognized as one of the main drivers for success. It gives organizational sustainability such as brand maintenance.

4. Making the Most of What You Have Already – It is not all about creating a new product or service which you can sell, but you also need to focus on your existing business procedures to improve your efficiency, find some new customers, increase your profits and cut down on the amount of your waste. When you are continually innovating and improving on the practices of your business you will likely also attract better staff and keep more of your existing staff. This is detrimental to the health and performance of your business in the long-term.

5. Responding to Competition and Trends – Innovation can help you to see what exists now in opportunities or which ones will likely pop up in the near future. Businesses which are successful don’t only respond to the current needs of their customers, but usually predict the future trends and come up with an idea, service or product that can meet the future demand quickly and effectively. In this way you can stay ahead of your competition as trends, technology or markets shift.

6. Having a Unique Selling Point – Generally, consumers will see innovation as something which adds value to products or a company. When this is used the right way, it can give you an advantage commercially, especially in a market that is saturated or shifting rapidly. It can get your more positive exposure in the media and your customers will be more willing to pay the extra money for something that is well-designed and new, rather than picking the less exciting and cheaper rival.

7.  The Use of Social Media – Including the use of social media in your innovation campaign is great for managing, motivating and getting focused in your business. When you use it in your business, you are drawing ideas from a wide range of people on the social networks, giving you a successful outlet to find new ideas for your business. You can also use social networks to see what customers are saying about your services, products or company. In business today, we need to be innovators now more than ever. Each business and organization is feeling the impact of globalization, technological and knowledge revolutions, migration and climate change issues.  Innovation can bring the added value you need to your business plus widen your employment base.  It is detrimental for the quality and growth of your business.

innovation author women entrepreneur

Women Entrepreneur, Author of 15 books, Lisa Caprelli, as featured in Forbes magazine

The ability to be innovative is a major factor that influences strategic planning and it has also been acknowledged that it leads to creation of wealth.


  1. Pavlina on August 14, 2019 at 9:01 am

    That’s a really great article I have to admit. Looking into innovation, not something one can make, but something one does need. Innovation in today’s world is something companies can’t compete without. It is a very interesting topic also, looking into “how” the companies are doing innovation or what are the options to do that. I have read a very interesting article about the facts talking about corporate innovation. It was interesting to see some of the points like future increase of firms cooperating with startups and many others. If you are interested to read the article, here is the link: 🙂

  2. Andrew German on March 18, 2020 at 2:38 pm

    Although dictionaries will have differing descriptors for the meaning of innovation, the simplest and most common is ‘something new or different’ and all too often in business we try and complicate something that simply isn’t! I tend to like the simple descriptors because then confusion is removed. In this case, as Innocent have launched a ‘me too’ product, they have not innovated, merely carried out a product development. However if they have utilised a new technology in the manufacture which gives a USP, I would then agree that this is innovation. Businesses often get confused between the meaning of other simple concepts such as strategy and tactics. Utilise KISS whenever possible!
    Check the article about innovative product development

  3. RODGERS FRANK MKOLOZI on June 10, 2020 at 9:23 am

    May you summarise the reasons why do we need innovation and creativity

    • Lisa Caprelli on September 16, 2020 at 10:13 pm

      It is important to stay innovative and creative. Watch the video in this article!

  4. Why It's So Important To Create A Novel Product Or Service | The Hustler on August 19, 2020 at 2:36 pm

    […] different — something that can provide a unique selling point that your competitors don’t have. Lisa Caprelli noted that “consumers will see innovation as something which adds value to products or a company. When […]

  5. […] different — something that can provide a unique selling point that your competitors don’t have. Lisa Caprelli noted that “consumers will see innovation as something which adds value to products or a company. When […]

  6. […] different — something that can provide a unique selling point that your competitors don’t have. Lisa Caprelli noted that “consumers will see innovation as something which adds value to products or a company. When […]

  7. alina on September 3, 2020 at 2:04 pm

    Why is innovation important in business from time to time because if you don’t innovate, you won’t be able to survive in the market.

    Being a business owner, if you want to exploit your product or service, whatever you are offering, you have to keep on innovating to provide good user experience to your target segment.

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