Think HBR

Innovation isn’t always good for business

Paul Siderovski
SiDCOR Chartered Accountants
Did you know one of Steve Jobs greatest innovations came while in Malaysia when he observed a child trip over the cord attached to a hot wok? Jobs was amazed when the child did not get scalded by the wok due to a design masterpiece - the cord came away from the wok because it had a magnetic attachment. This was the inspiration behind Apple Mac’s magnetic cord.
The key learning from this story is that innovation is everywhere and is occurring in businesses every day. But to innovate for the benefit of your business, you need context. You need to understand how innovation from other businesses can be applied in your business in line with your VISION for the business (assuming you have one). This is something I call strategic innovation - innovation that is in the context of your business vision.
I have observed many businesses during my career and have noticed that if people simply apply innovation to their business without a vision they often burn up a lot of time, energy and money for little result. Their “innovation” can become a burden.
The number one innovation for my business this year is to prepare all tax returns for clients and have them electronically signed instead of printing them as has been done for the past 100 years. This innovation will help SiDCOR’s vision to change people’s lives – it will make tax time more convenient for our clients as well for my team who spend hours beside the printer!
For further information contact SIDCOR Chartered Accountants on (02) 4926 5299 or email
Paul Siderovski2 Paul Siderovski

The founder and Managing Director of SiDCOR Chartered Accountants, has 21 years experience since starting as a chartered accountant with PricewaterhouseCoopers in 1995. Paul started Newcastle-based SiDCOR in 2002. Paul has a Bachelor of Commerce from the University of Newcastle and is a Member of the Institute of Chartered Accountants and the Taxation Institute of Australia as well as the National Tax and Accountants Association.