How does industry-changing innovation happen? Innovation occurs at the synchronized intersection of: 1) a meaningful insight or market need; 2) a new product, service, or business model that meets that need; and 3) communication that connects the two. Most companies successfully follow only one or two of the steps, causing their innovation efforts to fail. You need all three to be successful. And you will be a lot more successful, and waste far less money, if you take the steps in order.