Innovation is the Backbone of Successful Business
Everyone can innovate. Innovation means coming up with new ways of doing things. Bringing innovation into your business can help you save time and money, and give you the competitive advantage to grow and adapt your business in the marketplace.
“Innovation,” the word, was first seen in the 1540s. It comes from the Latin word innovatus, which means ‘to renew or change’.
The invention is something new, novel or unique. Innovation is a new, unique or improved marketable product or service that can generate revenue from paying customers.
A commercially successful innovation is a unique/ new/ novel product or service that can bring sustainable profits for an established business or a new start-up business.
“The heart and soul of the company is creativity and innovation.” Bob Iger
Being innovative does not only mean inventing. Innovation can mean changing your business model and adapting to changes in your environment to deliver better products or services. Successful innovation should be an inbuilt part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem-solving.
Innovation can increase the likelihood of your business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance.
Some businesses use the term “innovation” to make their products appear competitive or “cool” without any real substance to back up their claim.
Following are examples of innovation:
- Creating a product that never existed.
- Converting a waste or a discarded material to revenue- generating product.
- Extending the scope and application of an existing product.
Innovation can be classified into:
- Efficiency innovations that make products cheaper, faster and better.
- Sustaining innovations that improve existing products.
- Disruptive innovations that bring new products to the market that have the potential to make existing products obsolete over time because of enhanced functions offered by the new product, decreased costs, availability, and other advantages.
“Technological innovation is indeed important to economic growth and the enhancement of human possibilities.” Leon Kass
Technological innovation occurs when a technology- intensive product or service is developed and commercialized to produce sustainable revenue and income for the business.
Apple Inc. has set an enviable standard for technological innovation for extant companies. Apple Inc. developed and introduced a commercially successful sequence of technology- intensive products such as the iPod, iPhone, and iPad into the market and achieved dominating status rapidly while generating exceedingly high revenues and profits for the company.
When their new products were launched, they attracted long lines of customers waiting to get their hands on the new releases.
Innovation is the key to competitive advantage for your business.