Innovation.......

Innovation… Innovation… Innovation! 

“We need innovation!”… “Let’s hear your innovative idea.” Whether you are planning a start-up or going for an interview in the existing enterprise, you have come across such questions or statements. Shareholders and investors now are keener in investing in businesses or minds that are innovative and have promising lasting turnover in the market.

While everyone is busy in humming innovation, why you need it, and what’s your strategy to innovation.

Innovation, as the term is defined as is not at all new in itself. From the Stone Age to the Ice Age to Industrial Revolution to Urbanization… till today, all the changes, improvisations, plummets, and inventions are all the result of some innovative thought that was viable enough to witness by all. Having said that still, Innovation is still the dream what the ambitious minds are craving and chasing after.   

Interpretation of Innovation

When people demand “be innovative”, don’t know why the expectant and replier both think of some novel thought, or idea to be emerging from Mars for the Earth people.

Moreover, innovation is often interpreted in so raucously various ways, each person has their own definition and understanding of the term innovation. 

When bringing in the term for business discussion, be wary of unexpected encounters due to careless interpretation of the term, and it is always recommended to ensure you and your communicants are on the same page to attain the productivity of your discussion.  

Knowing so, a better way is not to use the word “innovation” at the very moment instead initiate by discussing through the related terms; ideas, changes, improvisations, or anything new. 

What exactly is Innovation

Innovation isn’t an invention. Innovation isn’t just novel. Innovation isn’t any latest solution. Although it may lead to invention, creating value to people -to target audience. The breakthrough lasting for a long time in the operating market and the people’s life defines yes what you offered is INNOVATION!

However, the more you dig in unnecessarily in its definition, the more are the chances of diverting off the track, so accommodatingly better is to precise it simply to “introduction of something new that creates value”. Something which changes the dynamic in the existing market place or create a new marketplace of its own.

Why Invest in Innovation

Innovation is risky. “If so… why is there so much buzz out there?” “Most importantly why does my company have to think about it?” You can’t ignore such striking hammers. 

Once, these big outlets of your favorites run without marketing digitally and advertising manually on a regular basis. Before, everyone worked with a traditional mindset. Create a good product, people will come, find you and that’s how you create customers. This way goes pretty well for a long time but now this is not the case anymore. With more digitization, the world is turning into a global street and way more outlets are out there. The competitiveness with complexity is increased exponentially. Now, the businesses have to be on their tiptoe and be specified of the service they are providing and to whom and how it could be made better (the innovation starts from this thought). To be on the competitive edge, innovation now is a necessity.   

Reasons to invest in innovation are many and as mentioned the prevalent is to utilize the existing, and adopting and adapting new competencies to be at the competitive edge. Innovation is all about surpassing expectations and present limitations.

It is all about making progress either way, usually in a good way. When going for innovation, not only the company is involved, the society is involved and affected too. The impacts on both sides are huge but the major being for firms is to: 

• Make Progress
• Stay Competent
• Achieve Competitive Advantage, and 
• Attain Greater KPI and ROI 

For society, innovation always aims and means:

• Economic Growth
• Increase in Employment Rate
• Better Education Facility
• Improved Health Facility
• Sustainable Growth
• Better Lifestyle

Innovation, today, is becoming the mainstay of modern existence. It integrates the resources with the latest technology to improvise the exploitation of available assets and also works to enhance the society’s standard of living and capacity to act.

Change of Mindset for Innovation

Often, innovation is taken as something disruptive to normal, the instant revolution and this wrong interpretation is what refrains people to practice it as it should be. 

Change of mindset is the foremost approach when going for innovation. Because innovation simply is “change”, which could be anything and for that, you need to have the mindset that accepts, approves, and appreciates it. Where traditional ways have their own importance but now the world usually doesn’t like that anymore. With every other advancement in any field, the effect is widespread that everyone has to adapt swiftly to stay for a longer run in this marathon race. 

You better know how your market is evolving lately, with this rate you may lag behind and face pitfalls. With the ability to adapt to change faster that can only be achieved when the innovation culture is built, practiced, and promoted, you can identify the changes, trends, needs and then act accordingly at a faster pace. This adaptation -the change of mindset for innovation, is the key capability that ensures you are less likely to be disrupted by your competitor’s or associate’s decisions and maintain or your stability with progress. 

Innovation just Happens!

Innovation never just happens, there is so much blood and sweat of not just one person but people who strive to peak to see the world as they wish to. It is easy to say go for innovation but it doesn’t just happen overnight. 

Although aiming for innovation is dreamy but when going to make it a reality your approach should be realistically practical. Prioritize to first strategize an innovation strategy and go with it.

Innovation has to be this… (Misconception!)

“Innovation has to be a trailblazing technological invention!”

Masses still assumes that innovations have to be these huge, groundbreaking inventions. Well, it’s not true. These revolutionary inventions may count in as the innovations but they are the result of many simple small innovations that lead them to be this revolutionary.

Recently following the COVID-19 vaccine, smart autonomous cars are in the news . However, this innovation if traced back goes all the way back to innovative ideas from animal carts to now all the way to smart cars, which are now on the verge of becoming mainstream. However, the very purpose is the same in all ages, to create feasibility for people. 

When you dive deeper you’ll acknowledge how the marketing and business model innovation are incredible forms of innovation that even doesn’t require to invest in cutting edge market study. Similarly, you can observe innovation by even simply upgrading your some services and improvising internal processes.

Thus, innovations can then be anything that is going to become new normal and make a difference even at the individual level. They don’t have to be technological at all. 

Can I/We Go for Innovation?

As the ancient Chinese proverb goes, “When the winds of change blow, some people build walls and others build windmills”. Your approach to new challenges defines your ambition for innovation.   

Innovation isn’t just for the young generation or startups, nor does it mean the enterprises can’t step their foot into the buzz cloud of innovation. However, from the understanding of various case examples and researches, it is something that is the result of the collaboration of both the experienced and younger talent that does disrupt the still water.

Innovation can be done by anyone, the one who dreams to see the world like this (-innovative..!), aims to create feasibility in people’s lives and for the very purpose strives for it. 

Time for Innovation: How to develop one? 

The question still remains, how exactly you create the value. From where to initiate? First thing, there is no hard and fast rule for innovation, and nor there is no single right way of doing it. 

The answer totally lies highly on what you are looking for, what is your business motto, what are the potential opportunities you can avail, what are the boundaries you set up around you -whether going for routine innovation, disruptive one, incremental innovation, or maybe going all the way out for breakthrough innovation. Whatever it is, once your vision and focus are clear, time is to build an innovation strategy for innovation.

This is a key guideline for you to formulate your innovation strategy.

• Be clear about your Ambitions.
• Clearly define your business goals. 
• Describe your current business innovation strategy.
• Formulate why you want to innovate.
• How will it create value for potential audiences or build itself a new audience? 
• What’s your focus -incremental innovation? State the type.
• Keep track of your competitors.
• Be mindful of market trends.
• Know your competencies and act accordingly.
• Align your innovation strategy with your business aims
• Make your innovation strategy actionable
• Innovate your Innovation Strategy from time to time.

In simple means to identify a significant problem, if it’s a big one, split it into smaller chunks. Find the best solution (innovative thought) and solve the problem(s) to create real value. Be vivid and always look for things to innovate.

Initiate to Innovate

Making progress in a good way within your influential sphere is the best outcome of your innovation from your end. It is still not late to start, initiate today to innovate tomorrow.

Although your innovation undertakings aren’t necessarily impactful enough to save or change the world, you should initiate by focusing on improving the aspects that you can affect. Your initiatives with the right strategy may one day become revolutionary -a breakthrough in the market or build a new market place!

Happy Innovating!

Any pictures, images or wording are used for educational purpose and reference only!