Innovation comes in two forms. Either you are looking for new ideas that address and solve problems that don’t yet exist in the public realm or you are looking at way to redo things that already exist.

New innovation requires a lot more work, money and effort to get a new concept to market. The length of return on investment and issues of going through prototype designs, market research and market penetration requires a huge effort. This is required to move the world forward into new technologies and concepts that create progress for society and mankind.

The second type of innovation occurs when we look at the status quo and decide that it is not good enough and needs improvement. This could be related to an existing business or services or even a product. Looking for new ways to do old things in a new exciting way that offers better convenience at a cheaper rate is always welcome to the market.

Watch this week’s episode of Bruce on Business and begin your journey of innovation into the future of sustainable business.