Innovation is the action of creating or modifying something resulting in positive change. Innovation has the potential of changing patterns, systems and generate change in business and society. Companies are also capable of changing the world forever due to their innovative products and services – we have watched it happen with the likes of Uber, Netflix, Airbnb, Apple, that not only spun their industry on their heads but also changed the way we all live.
Entrepreneurs are always seeking opportunities for new business ventures. Innovation is the essence that will make these opportunities into businesses that can survive our competitive market.
Entrepreneurship and innovation are a match made in heaven.
Why Investing In An Innovative Business Idea?
We live in a fast-paced society and change is happening all of the time, so entrepreneurs must be able to keep up with market trends and demands in order to be successful.
Today, customers are familiar and expectant of being part of the process of deciding what they want from their products and services, and companies need to figure out how to understand and provide solutions to their client’s real needs. Companies that can accomplish that will have a much bigger chance of staying in business.
How To Truly Innovate In Business?
Focus on people. The more empowered people are, the more they will feel comfortable to ask for what they want. Your job is to give it to them. The most successful companies you can think of have one thing in common: they know their client and make decisions based on their need. Happy customers are customers that have perceived innovation in a product or service because of that change in a feature, or that redesign of a bottle, bettered their experience when using that product or service. People are – really – the only real indicators of true innovation.
Start within. Business innovation starts within the business, which means you will only be able to provide innovative services or products to your client if your company is run in an innovative way. Seeking new ways to do things inside of a business is fundamental for employees to collaborate and feel engaged with what they’re doing. A team’s mindset has a lot of impact on what they are producing and, therefore, impacts the clients too.
Break the rules. Business Design is a discipline that helps companies to solve complex problems by creating business models, products and services that strive for innovation. Keeping the focus on the client’s needs is non-negotiable in order for the Business Design approach to succeed. Business Design is a branch of Design Thinking that allows companies to seek the right opportunities, break paradigms, challenge the market and grow at the same pace as society evolves.
No matter what, don’t stop. Being innovative is a muscle, you need to work on it continuously. Although it doesn’t happen overnight, once you’ve managed to change the mindset and incorporate Business Design to your company’s routine, innovation is bound to happen.
If you’re interested in learning more about Business Design, Echo’s has a 2-day hands-on course coming up this December in Sydney. Click here for more information.
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How Can We Help?
For training and Innovation Journeys in your company: check out our in-house course offering
For upcoming courses in your region: visit our website.
If you have a special project and would like to use Echos’ consultancy services: send us an email.
