![]() ![]() Inc.com mentions 4 reasons why companies should innovate: 3.1 Your Business Will Grow In the introduction I introduced the main reasons why companies should innovate. This type of innovation shakes up the industry and vastly affects entrepreneurial creativity. The business model innovation assumes coming up with a new way of serving the society, running your business, and making money. The core principles hold the same – you encounter customer needs and demands. Service innovation is similar to Product innovation, however, in this case, you provide a new service, can be intangible, instead of a product. This can be achieved through new technology, new methodology, digital design and more. This innovation is way to improve your business operations by making those more efficient and effective. This new product that you introduce, will lead to an incremental change in the market and will ultimately affect the market. This is a type of innovation when you offer new things to your customers based on the need they have. There are 4 types of innovation that I will discuss next: 2.1 Product Innovation Elegance, comfort, simple, unique, valuable, flexible, against the norm, profound, clear & obvious, and more.Prospective (jump the curve), futuristic.Mary-Hrachoohi Boghosian, innovation can be seen as (see next image): Envisioning the social well-being as a result,Īccording to Prof.Evaluating and using available resources,.Understanding and responding to the market need/demand,.When you apply your creativity and get something tangible that can be measured or evaluated, you innovate. It is defined as deviation from what is normal, in other words, the shift from the status quo and an ability to do/see things in a new light.Ĭarrying these mind-blowing ideas in your mind can be a bit heavy for you, therefore, you would rather bring them to life. Innovation does not come on its own, but it has some peripheral attributes that we need to discuss first.Ĭreativity is the source of all the buzz created around innovation and entrepreneurship. Let us untangle this Gordian Knot which never comes down to a single definition. ![]() The importance of innovation is highlighted in your company’s competitiveness, ability to reach its vision, getting the perfect product/market fit, and finally, hitting your revenue goals to accelerate your growth.Īs an innovative company, you firstly need to have a clear understanding of what is innovation. ![]() What is the driving force of successful companies, you would ask? I would answer, innovation! ![]()
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December 2022
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