Innovation is a crucial aspect of any company's growth and success, but it's essential to understand what it means and how to foster a culture of innovation. At its core, innovation involves doing something new, different, and better. However, not all innovations are created equal, and some may be more effective than others. Designing things that are industry standard can have a significant impact and end up being a differentiator for a company. Understanding the different levels of innovation, such as business model, product strategy, and product execution, is also vital. Additionally, companies must prioritize product-market fit before deciding to innovate, as having an innovative product at the high level may not be enough to win customer loyalty. Ultimately, innovation and product-market fit are in a constant state of evolution, and companies must balance their investments in innovation and closing product gaps to achieve market impact.