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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Nigerian entrepreneurs should collaborate with government to grow the economy

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Aspiring Entrepreneurs should  finish  degree before starting up a venture -Isaac Sesi, Co-Founder and CEO at Sesi Technologies

Isaac Sesi is a Ghanian born entrepreneur, engineer and a software developer passionate about leveraging technology to solve some of Africa’s most pressing problems, especially in the field of agriculture while inspiring young Africans to be innovative and solve problems too.  Sesi holds a degree in electrical and electronic engineering from KNUST, a Tony Elumelu Fellow, Next Einstein Forum finalist and  World Summit Awards National Winner. He currently, lead a team of 11 at Sesi Technologies where they are developing affordable technologies to help farmers and agribusinesses along the Agric value chain to  increase productivity and reduce losses. For now, the startup is focusing on FarmSense and GrainMate and putting the relevant structures in place to help scale up production. In the past, he have co-founded two other startups namely; Invent Electronics and GravyCode.

Here, are his advice to African future entrepreneurs;

Upcoming entrepreneurs, should not fall for the college dropout misinterpretation. They should should not drop out of school yet.

The “You don’t need a degree to be successful because Bill Gates and Mark Zuckerberg dropped out of school and made it“ narrative is a common example of Survivorship Bias which is causing many young people to make unwise decisions.

Sesi embrazing nature

The people who push this narrative focus only on the achievement, leaving out the unique details surrounding those achievements.

The disproportionate focus on the stories of the Gates and Zuckerbergs who survived without considering the stories of those who didn’t paints an incomplete picture. For every Zuckerberg who drops out and makes it, there are probably 99 other dropouts who do not make it.

A university degree does not guarantee a successful life but, it does open up opportunities for you and give you a better shot at life.

If you live in Africa, where the systems are such that you need a degree to even get one foot at the door, then getting your degree is even more important.

So, if you do find yourself in the university and you have ambitions to start your own business, unless you have a very compelling reason to drop out, finish your degree and then you can go live out your startup dream.

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