Innovation and the Hype Cycle

Innovation is often defined as new ideas that deliver value, but this definition can be applied haphazardly and periodically. The lack of a clear definition has led to cynicism from commentators and curmudgeons who say that innovation is dead. The Gartner Hype Cycle predicts that new concepts and technologies will proceed through a predictable cycle of hype, disillusionment, and productivity. Innovation as a strategy or theory is now widely accepted, but innovation as an activity is slowly emerging from the trough of disillusionment. Innovation as a core competency or discipline is just reaching the peak of the hype cycle. Firms must understand the difference between innovation as a strategy, project, and competency to avoid disillusionment.