Why innovation is critical to success?

The following was a short essay I had prepared for one of my b-school applications. Sounds pretty right in the end, doesn’t it?

“Let me get straight to my line of work in telecommunications consulting. With every passing day, telecom companies face huge challenges of meeting the exponentially increasing data and service demands and the consumer expectation of receiving these services at all touch points, whether it is at home, office, while travelling or on holiday, at all times at competitive pricing across all their devices. This data “explosion” means huge investments on operations, network and storage for the companies facing little revenue growth. How can such a business model of continuously providing more at the same prices be sustainable? How can competitors compete on quality when the basic business requirements are increasingly difficult to catch up with? This is why innovation becomes critical –- the need for new efficient network technologies which can transfer data faster than ever, and meet coverage and quality challenges at minimum cost; for innovative personalized price plans to squeeze maximum value; for innovative storage models which not only handle larger data but also provide value from the data via high-tech analytic solutions and in turn create additional monitory opportunities. Simply put, today, telecom companies have the choice to either innovate constantly or perish.

So innovation is definitely necessary, but does one apply blind faith to it then? It can all go wrong if you just keep jumping from one idea to another for the sake of it without really implementing any. It should also be seen differently from “imitation -– just because a competitor became successful with an idea, doesn’’t mean you will too! (Google‘’s obsession with Google+ after the success of Facebook is a classic example) Also, while constant product “improvement” is definitely innovation in its own way, it should be contrasted from “re-packaging” which doesn’’t really add any value. Innovation, therefore, is one of the most critical success tools, but it is to be implemented with great discretion for the risks involved can just as easily lead to failure.”