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A leap of faith can be a winning strategy

The thing about innovation is that its sometimes difficult to recognize when it first manifests and it doesnt come with guarantees or assurances.

By Bruce Hentschel | Updated on March 28, 2014

Innovative thinking can be a challenge and, generally, innovation is too often quickly dismissed in our industry. It’s commonly misunderstood, with critics suggesting it requires an investment akin to gambling. Or, they say it’s impossible to be truly innovative in the highly regulated financial services industry. I disagree.

First, let’s distinguish innovation from invention, because people often confuse them. Invention is about the creation of new things, which manifest primarily as products. Innovation is about the introduction of new concepts designed to improve something that already exists. Both can differentiate, but innovation offers a wider range of possibilities.

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