Innovation in business is not a new concept. In fact, this is something that has been discussed openly for more than a hundred years. An example is the work of George Hormel, who in 1891 built a meat processing plant outside of his small town in Minnesota. No one had heard of ham in a can, and this eventually became Spam, a canned meat product that achieved an eighteen percent share during its first year on the market.

Hormel believed in developing distinctive products instead of imitating big competitors. That is why today Hormel products are popular on the shelves of every supermarket in the United States and those other companies, well you have never heard of them because they went by the wayside. Innovation is the key to being successful in businesss.