| I'm often asked the question "How does innovation | | | | user interface), not necessarily something that adds |
| 'fit' in my company?" Many people believe innovations | | | | complexity to a product. Ask people to finish the |
| are limited to technology-based companies or | | | | statement "Our product would be amazing if it |
| restricted to large corporations with research | | | | could..." Look for new features that will create a buzz |
| departments. But, I have seen countless innovations | | | | in your industry, which increases sales and expands |
| in all types of businesses in a variety of industries. | | | | your customer base. Look for the next "must have" |
| Many valuable innovations have been developed in | | | | feature that will distinguish your products from the |
| "non-technology" companies. | | | | competitor's offerings. |
| For any business that's looking for ways to apply | | | | 3. Leverage An Existing Item - Many businesses have |
| innovation for growth, described below are three | | | | identified innovative ideas within their company and |
| ways to innovate a business. There are other | | | | found ways to generate new revenue streams by |
| categories of innovation, but these three provide a | | | | sharing those innovations with other companies (not |
| great start and give all businesses plenty of ideas to | | | | competitors). You may have an internal procedure or |
| start innovating. | | | | a manufacturing process that can benefit companies |
| | | | in other industries. Consider licensing your innovations |
| 1. Create Something New - Think about new | | | | or "know how" to other companies to create an |
| products or services that can expand your existing | | | | additional revenue stream. Of course, you need to be |
| business, or allow you to grow into a new market. | | | | careful how you license your innovations and which |
| Consider unmet needs in your market, customer | | | | companies you license. |
| suggestions and customer complaints as starting | | | | Pick at least one of these strategies for identifying |
| points for brainstorming new products or services. | | | | innovations in your business and get started today. |
| Get people throughout your business involved in this | | | | Encourage participation by other people in your |
| process - everyone brings a different perspective | | | | company and I think you will be surprised by the |
| when it comes to creative thinking. | | | | number of creative ideas you will generate. Begin to |
| 2. Modify Something that Already Exists - How can | | | | create an innovation mindset that gets everyone in |
| you modify existing procedures, improve product | | | | your organization thinking about innovations on a daily |
| operation, improve efficiency, or add a new feature | | | | basis. Instead of seeing a problem, teach people to |
| to your products or services? A new "feature" can | | | | see an innovation in the solution to that problem. |
| be a simplification of something (such as a simpler | | | | |