There are many ways to innovate and there is not one true path. When you have a really tough problem, it often helps to expand skill domains beyond specialists in a single field. This will save you money and time. One thing to bear in mind, without innovation companies have no future, you can be successful in what you do now, but what about in one or five years, have you started thinking how you will disrupt yourself? Innovation as the dictionary defines is “Something newly introduced… a novel practice, theory etc. For a new product or service to be effective customers should perceive it to be novel. The only way to create a differential advantage is to do something different, in short, to innovate. To create a new market requires to do something new.
First we have to be able to differentiate between invention and innovation, If we look back at the creation of the light bulb which wasn’t invented by Thomas Edison it was a combination of efforts of inventors like Alessandro Volt, Humphry Davy, Warren de la Rue among others, but was Thomas Edison who improve the invention for commercial use and set an enable the technology platform in this case the electric Grid that allow that Invention be an innovation. We have seen crazy but we could compare this with the Block-chain technology as a new digital technology platform that allows to connect and innovate different business. Disrupting the markets creating more efficient digital supply chains. What this is telling us is there is that there is no innovation if we don’t have the technology platform to enable it and a market to fit.
“Innovation is at the centre of practically all economic life, and then you wonder why innovation is important:
higher profits over long periods
higher market value
more rapid employment growth
Better return on assets
Improve corporate image
Every innovation strategy fails eventually, innovation is about solving problems and there are as many ways to innovate as there are types of problems to solve. eventually, these strategies find themselves locked into a set of solutions that don’t fit the problems they need to solve.
“Even simple products have a high degree of innovation. The challenge for us and Australian manufacturing is the speed of innovation from product design to production to keep up with markets” David Simmons, Managing Director, Hills Industries
There is a need to treat innovation like other business disciplines, a set of tools that are designed to accomplish specific objectives.
why creating new stuff if there is not a market for it or we are no solving a problem. ?
“Innovation is the process that translates knowledge into economic growth” Batterham 2000
Schumpeter and his creative disruption theory of economic development changing the structure of an industry
been remarkable, figure out what people want, who cares to sell something to them
if your innovation strategy is struggling or failing iNovoTech, we focus in knowing your business and open your single focus to a full variety of options, get the data of your market and provide you with a strategy that will build and strength your competitive advantage for 1, 3 and 5 years ahead. You are not just investing in a strategy you are setting your business roadmap of success.
There is an incremental need for a radical strategy of open innovation to succeed, connect and develop the new products and services of today economy with a sustainable impact. We do not just struggle to develop the high revolutionary technology we also struggle to break a huge barrier of a risk-averse society. We need real support and connections where collaborative bridges are built to link and create the jobs of future generations along with their technologies..
We must address these two questions to identify what type of innovation does our business needs:
Well-defined problems that’s just are excessively hard to solve. Requires to explore unconventional skill domains. Strategies such as Open Innovation can be highly effective in this regard, because they help to expose the problem to diverse skill domains.
It is possible to create innovation through improvement of existing products and services. When we seek to get better at what we are already doing. Our business is looking to improve existing capabilities in existing markets. This works if we have a pretty clear idea of what problems need to be solved and what skill domains are required to solve them.
The impact of major discoveries, the marriage between business and universities or research centers. this collaboration can help a business plan for the future. Investing in people knowledge. Small and medium-size enterprise can access world-class research through government programs and funds. valuable resource to help businesses to compete in more demanding global markets
DListening to customers, investing in continuous improvement and focusing on the bottom line can be lethal in some situations. When the basis competition changes, because of technological shift, or changes in the marketplace, companies can find themselves getting better at things people want less and less. you must innovate your business model.