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.
Rani is a writer and actor based in Sydney, Australia. She is Echos Head of Content & Communications, and the Editor in Chief of The Echos Newsletter.
Before joining Echos, she worked in full-service advertising agencies as a copywriter, moved onto writing for Broadcast Media, and landed on Digital Media, working first as a Digital Producer and later as a Digital Account Manager. Most recently, she was Lead Client Solutions Manager for GumGum Inc, an ad tech company specialised in Artificial Intelligence.
Rani is a highly curious individual that believes creativity and innovation are the most important tools to propel any person or business forward.
Echos School of Design Thinking - Terms and Conditions
This website at www.schoolofdesignthinking.echos.cc (Site) is a website where you can browse, select and enroll in educational and innovation knowledge courses (Courses) advertised on the Site from Echos Innovation Lab Pty Ltd ABN 65 617 491 424 (Echos, us or we).
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We are in the business of providing educational and innovation knowledge courses (Courses). We collect personal information primarily to provide the Courses to you (Purpose).
In particular, we collect your personal information so that we can carry out the following actions:
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We may disclose additional purposes for collection of your personal information in collection statements at the point of collection.
Personal information we collect
When used in this policy, “personal information” has the meaning given to that term in the Privacy Act 1988 (Cth). We may collect the following types of personal information from you:
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financial and payment information;
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your personal preferences, thoughts, ideas, goals and opinions.
Sensitive information is information about you that reveals your racial or ethnic origin, political opinions, religious or philosophical beliefs or affiliations, membership of a professional or trade association, membership of a trade union, details of health, disability, sexual orientation or criminal record.
It is our policy to only collect your sensitive information where it is reasonably necessary for our functions or activities and either you have consented or we are required or authorised under law to do so.
How we collect your personal information
Collection of your personal information can occur through the following interactions:
when you communicate with us directly (by email, in person, telephone, direct mail or any other means);
when we interact with you during the Courses or in relation to any other products or services; and/or
when you visit our website and social media pages, or access or contribute to digital platforms and applications managed by us (Online Platforms).
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How we hold your personal information
We may hold your personal information in either electronic or hard copy form.
If you provide information to us electronically we retain this information in our computer systems and databases. If you provide information to us in hard copy (paper) this information is normally retained in our files and a copy is made to our electronic files.
We use industry standard security measures to safeguard and protect your information.
If we are unable to collect your personal information
If we are unable to collect your personal information, some or all of the following may occur:
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Disclosure of your personal information
Your personal information may be disclosed in connection with any Purpose to any of the following:
our employees, contractors or service providers, to the extent reasonably necessary to fulfil our obligations to you;
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suppliers, clients and other third parties with whom we have commercial relationships, for business, payment processing, delivery, marketing and related purposes;
if required by law, to any person authorised by such law.
Overseas disclosure of personal information
We may disclose your personal information to third parties and service providers located overseas in connection with any Purpose, including to overseas cloud computing hosts. We take reasonable steps to ensure that the overseas recipients of your personal information do not breach the privacy obligations relating to your personal information.
We may contact you with direct marketing communications and information about Courses or other products or services offered by us or our partners via telephone, email, SMS, or regular mail.
If you have indicated a preference for a method of communication, we will endeavour to use that method wherever practical to do so.
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How you may access your information
You may access your personal information held by Echos by making a request to us.
Email: email@example.comCorrection of your personal information
If you would like us to update or amend your personal information, please contact us and we will make the requested amendments.
We may ask you to verify your identity to ensure that personal information we hold is not improperly accessed.
If you feel your privacy has been breached, please contact us using the contact information above setting out the circumstances and reasons for your complaint.
Global PresenceSchool of Design Thinking is an initiative from Echos - innovation lab.
Phone 1300 502 006
ABN 65 617 491 424
Rua Baluarte, 672
Phone +55 11 3476 2500