“Without change there is no innovation, creativity or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.”
– William G. Pollard (Physicist and Episcopal priest)
A successful start-up idea seeks immense hard work, profound dedication and a lot of perseverance and diligence. However, ticking all these checkboxes is sometimes not enough to give a start-up the right amount of fuel for a successful take-off. For a start-up to run successfully, you need to think unconventionally with a lot of novelty and nurture creative ideas. And this influx of creative and new ideas is known as Innovation.
In today’s market, nothing gets imitated better than a profitable idea! Your start-up might stand upon a creative concept, but it might be possible that the idea you have put in your start-up have already been inculcated by someone else in their venture. So, how do you stand out from others? How can you carve a unique identity and revamp your start-up with the concept of innovation in this huge cluttered market?
The simple answer to these questions is: Be Innovative! Introducing a new product or adding a little twist in the promotional activities or strategizing with out-of-the-box ideas can also contribute to the exclusivity quotient of your business. However, innovation is also not just about introducing new ideas or products/services into your business, but modifying existing models for better results. For instance, if we take a closer look into MNCs like Amazon or Facebook, they frequently implement changes and give their business models a make-over.
Corporate innovation has a wide array of benefits. You can witness increased revenue, amplified brand visibility, better customer satisfaction, enhanced employee retention, rapid market penetration and few other things when you apply innovation in your business. However, without the innovative ideas, all these benefits are of no use.
Globsyn Business School has its own entrepreneurship cell – Embryon – that motivates students to use their theoretical knowledge, thoughts and imagination in formulating innovative feasible business plans during their course of study, through events like EntreArena and Funnovation among others. Startup Café, an extension of Embryon, has been setup as an incubation centre to provide the young entrepreneurs of Globsyn with a new-age working environment.
Let us have a look at some of the innovative ideas taught at Embryon, which can be applied to a business venture:
Compete with agile Start-up Methodologies
All businesses experience rainy days and rough patches. However during that time, instead of losing hope, it is important to take stock of the situation, come up with effective methodologies and inculcate efficient strategies for potential unexplored and virgin terrains.
Catch up with Technological Advances
In today’s world of modernization and digitization, it is good to be technologically advanced. You can improve your connectivity by using IoT and Big Data. Along with it, you can introduce cloud computing to your business as well as you can directly get connected with your customers on social media and other mobile applications. Because of this connectivity and data aggregation, new as well as existing firms are creating more revenue streams to leverage existing assets in profitable ways.
Adapt to Evolving Trends and Workplace Dynamics
Introduce contractual jobs or various work-from-home measures in your organization, because a lot of individuals are there who want to generate income but from their personal space at their own pace. So, it can be the most innovative way to enhance employee engagement and retention of best resources.
Respond to increasing Customer Expectations
Keeping parity with today’s fast changing lifestyles, customer’s’ needs and expectations too are increasing. The best way to keep pace with the demands of the consumer market, the strategies need to be customer centric. By initiating new innovations, methodologies and wide range of choices, you can increase the customer base by successfully catering to their expectations.
Over the years, Innovation has become a strategic and powerful tool to impact business breakthroughs, competitiveness and growth factor all over the world. Many corporates are using innovation as a disruptive mechanism to completely surpass its competitors and undertaking new markets by enhancing customer experiences. In this new era, be ready to innovate, strategize your business venture by keeping a tab on the latest market trends, challenges and customer expectations.