Innovation is a bit of a buzz word these days.  Because we have been exposed to the products of innovative minds via Google, Twitter, and FaceBook, many of us automatically assume that a truly innovative product or service must trump them all in some shape or form.  Many people have set out to create Google, FB, and Twitter killers in recent times with what was thought to be an innovative new model, and yet none have had the level of success that the original products have had.  Anyone remember Cuil?  I thought not…  The problem with the “innovative killers” attempt to dethrone the stalwarts is that they are trying to completely reinvent the wheel, when they should be trying to devise ways to allow the wheel to function more efficiently.

Watching the way that companies are currently utilizing the internet to start new businesses and expand current ones has been a great deal of fun over the past few years.  Many businesses have stuck to the old business and have added a new model to increase sales, revenues and exposure.  For some companies the innovation has been as easy as maintaining a twitter stream.  Show me another computer retailer who has generated over $2mil simply by tweeting about different closeouts and sales.

Other companies like Dubli have been able to take the old online auction model which usually results in goods being sold for less than their actual value, and flip it around so that items are actually sold for more money than they are worth.  Listia took the old business models of auctions and free classified ads to create a new platform which adds a level of accountability and reputation to what was previously a mysterious and anonymous and at times scam-filled experience.  Tumblr and Posterous entered an already crowded blogging platform market, yet both stole the show with their super-simple user interfaces and mobile/”disconnected” ways to post content.  Woot took the boring old model of discounted closeout sales, and made it super-fun.

So, you see?  Innovation is not necessarily about creating something new, original, and revolutionary.  Sure, if the new, original, and revolutionary idea comes to you and you have the chance to create the next Google, Twitter, or FaceBook, then feel free.  But until your brain gets to that level, constantly think about ways to be innovative apply a new business model to an old business.  This approach to innovation is arguably a bit less work, and almost guarantees that your customers will already be vaguely familiar with what is going and will not have to completely adjust to a new way of buying/using your product or service.