This may not seem new to you, and if not, great, but there seems to be many people unsure of how or why to innovate. There are entire books dedicated to this topic, however, we shall try to sum up some of the ways that this is relevant to us. The two questions of ‘Why Innovate?’ and ‘How to Innovate?’ become intrinsically linked. Working out why you need to innovate often points you in the direction of how to innovate and vice versa.
- To fill a gap in the market.
- Solve a problem (closely linked to 1)
- Create a competitive edge.
- Increase efficiencies in production/delivery
How to Innovate?
- Examine your processes, can anything be streamlined or made more efficient?
- What are complementary products or services to yours? Can these be integrated?
- What are the most costly parts of your product/service? Can these be lessened/removed?
- Can your infrastructure/skills/raw materials be used to create anything else?
This is not a complete guide just a few points to think about next time you want to innovate.