True innovation must solve problems.
Updated: Jan 31, 2019
True innovation must solve problems, improve lives and lift standards of living before the company makes money.
With that the company is guaranteed future business because of the loyalty that generates repeat purchase, weight of purchase and lifetime customer value.
Anytime so-called innovation enriches the owner of the business only without lifting the lives of the people buying it. That innovation is no different to innovations in a casino, which are only to harvest/exploit the market for the enrichment of the business while impoverishing the market.
What kind of impoverishing innovations come to mind? Mine are Castle, Super Bet, Bronco, black market money trading, Eco-cash.....