Innovation makes business viable

Having an undiluted mindset about creativity in your niche is superb if you put it into use. Your imaginative faculty will blend with changes around your ecosystems if you love what you are doing for living.

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.

Innovation

Innovation generally refers to changing processes or creating more effective processes, products and ideas.

It can be a catalyst for the growth and success of your business, and help you to adapt and grow in the marketplace.

Also, innovation can increase the likelihood of your business succeeding. Businesses that innovate create more efficient work processes and have better productivity and performance.

For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services.

What is  innovation to business ?

Business innovation is the creation of new ideas, dynamic products or services to add value to a business and increase sales.

Like wise, business innovation refers to the application of better solutions to meet new requirements or existing needs for smooth functioning of a business.

Successful innovation should be an in-built part of your business strategy, where you create a culture of innovation and lead the way in innovative thinking and creative problem solving.

For every company there are some of the barriers faced by them on there innovative capabilities. They are mentioned infra:

  • A lack of differentiation from competitors in geographic areas were trying to attract the best start-ups.
  • Slow corporate venturing processes
    in tightly regulated industries.
  • Existing conflicts of interest among the parent company’s CEO, the CVC unit director and the entrepreneur.
  • A low level of collaboration between corporate venturing units and business units.
  • Tight budget constraints for innovation.
  • Problems in balancing the creation of innovation and adoption of the value generated.

Although, executives in charge of innovation still demand principles and best practices to improve their corporate venturing strategies and their implementation because of the novelty of the opportunities and lack of relevant experience.

These professionals still face numerous difficulties when it comes to;

1. Changing the traditional mind-set of their executive committees.

2. Fixing a lack of collaboration between corporate venturing units and business lines.

3. Re-engineering corporate processes that are blocking the integration of value generated by corporate venturing units.

Key steps towards business innovation

Find areas and ways to innovate in your business through research and planning:

1. Conduct an analysis of the trends in the market environment, your customers’ wants and needs and your competitors.

2. Consult with customers and employees for ideas on improving processes, products and services both internally and externally. Find out more about connecting with customers for ideas.

3. Seek advice.

Use available resources such as business advisors, grants and assistance to drive innovation in your business. This may include seeking Intellectual Property (IP) protection to commercialise your ideas. Learn more about local collaboration and international collaboration with researchers.

4. Be open to new ideas and adaptive to change.

5. Develop a strategic, responsive plan, which promotes innovation as a key business process across the entire business. Learn about creating an innovative business culture and developing a strategy for innovation.

6. Train and empower your employees to think innovatively from the top down.

Remember that, innovation is the key to competitive advantage for your business.

Learn more:

ELEMENTS OF INNOVATION

20 EXCELLENT BUSINESS INNOVATION VIDEO EXAMPLES

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Author: Oyebamiji Adesoji Usman

I do write on Think Media Nigeria, sharing insights and perspectives on business, economy, entrepreneurship, technology, strategy, and innovation on Africa. My work experience with Nigerian Institute of Social and Economic Research (NISER) has broadens my perspective on our social and economic issues around Africa.

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