4 Reasons Why You Need To Focus On Innovation

Each day, innovators in the business world create new products, methods, and ideas. They manage to look at problems differently and come up with solutions others cannot, and they provide an endless stream of value to their companies. In fact, innovation just might be the most important component of a successful company.

Look at the reasons innovations is so important, and you will have a better understanding of why you need to innovate every chance you get.

 

Grow in Leaps and Bounds

Sixty-six percent of respondents in The Deloitte Innovation Survey 2015 stated innovation is important for growth. Businesses that innovate are able to scale up and add more employees. That allows them to take on more customers and grab a bigger share of the market.

Innovation makes it easier to grow, regardless of the size of the business. You might have a small startup, but if you innovate, you can grow your business. The same is true for a fortune 500 company. It might be a huge corporation, but it can take even more of the market share if it manages to innovate. It’s easy for innovative companies to grow.

 

Stand Out from Competitors

Your company fits inside a specific niche or industry, and it’s far from alone. Let’s say, for example, you manufacture light bulbs. Tons of companies also manufacture light bulbs, and you need to stand out in some way. You can do that through innovation.

The right innovation will allow you to offer something unique to your customers. For instance, what if you managed to create a light bulb that automatically turned off when people left the room? That’s a crazy example, but that’s how some of the best innovations work. Top innovators take popular products and make them even better. That makes brands stand out in the market and makes it easy for companies to increase revenue.

 

Meet Customer Needs

Customer needs are constantly changing. One day, your customers might need exactly what you have to offer, and the next day, they might need something else. Innovators predict changes in the market and provide solutions before people even realize they need them. You cannot meet your customers’ needs on a long-term basis unless you are willing to innovate. If you remain stagnant, your business will eventually flounder. You have to come up with new ideas that excite your customers and meet their needs if you want to have staying power.

 

Attract the Best Talent

Talented, innovative people want to work for innovative companies. You aren’t going to attract someone who is going to create the next big thing unless your company has a history of creating. Innovators want to be challenged and encouraged to create on a regular basis, so you need a culture of innovation to recruit that talent. Make a name for your company by being innovative and then watch the resumes pile in. Innovators from all over will want to work with you, and then something magical will happen. Your company will become even more innovative. You will experience more growth, stand out from competition even more, and meet your customers’ needs in ways you never imagined. That’s when your company will reach an entirely new level.

It’s normal to want to maintain the status quo. You assume that since it’s worked for you in the past, it will work for you in the future. In reality, the status quo only works for so long. If you’re going to keep your doors open, you have to innovate. You need to take the risks that come with innovation so you can enjoy all of the rewards.

Resource: https://www.inc.com/gordon-tredgold/4-reasons-why-you-need-to-focus-on-innovation.html

Why Innovation Is Crucial To Your Organization’s Long-Term Success

We hear the term “innovation” everywhere and are made to believe in its importance. For many of us, innovation means providing ideas out of the blue, leading to significant discoveries and achievements. However, there’s more to it than that.

 

What Is Innovation?

First, we need to decide on a definition. Innovation isn’t solely represented by new devices, ideas or methods, but also by the process of uncovering new ways to do things. It can also pertain to modifying business models and adapting to changes to achieve better products and services.

Let’s take a look at the formal definition of both “creation” and “innovation,” since most people will mistakenly use them interchangeably. According to Merriam-Webster, the term creation means having the quality or power to create and is the act of making, inventing or producing.

Innovation is defined as the introduction of something new or different. The act of innovating leads to the introduction of new ideas, devices or methods. In short, creativity plus work results in innovation. Therefore, being innovative means you harness your creative ability.

 

How To Utilize Innovation

In the business world, for an innovative idea to be useful, it has to be replicable without being too expensive and it has to resolve a particular need. Innovation is achieved by providing something original and is often seen to produce efficiency, leading to an idea that significantly affects the general society.

For example, in the past year, the United Kingdom’s Hampshire County has implemented an innovative approach to road repair and maintenance.

Originally, highway maintenance crews were forced to visit individual production plants before starting road repairs in order to collect fresh, hot asphalt materials. This not only used up valuable time but also led to the wasted material because of particular temperature requirements.

Innovation sparked an idea to develop a mobile unit that mixes the key road-surface ingredients on-site, resulting in more efficiency. This method costs about the same, saves the company and crews time, and the repairs are completed sooner for residents. Notice how compelling and effective this is for anyone who drives on these streets.

Innovation doesn’t have to be the next Google or Microsoft with massive public relations behind it. A quote from a CIO Magazine article called „What Really Makes Something Innovative?“ reads, “Sometimes it’s those quiet achievers who can make just as big an impact without having to be ostentatious about it.“

In other words, just because something makes front-page news doesn’t mean it has more impact. Some companies, products, and ideas revolutionize certain aspects of our lives more quietly.

Sense-T is an intelligent farming initiative that utilizes sensor data to optimize farming operations. Haven’t heard of them? Neither had I. But they have a massive impact in the world of sensors and the internet of things.

WeWork is another innovative concept, providing entrepreneurs a place to work when their home, the public library or Starbucks won’t do any longer. The company has 174 office locations in 46 cities around the world.

And Feed Supper turns a casual dinner party into a philanthropic event to raise money to buy millions of meals per month to underprivileged children around the world.

 

Why Innovation Is Important

Innovation is vital in the workplace because it gives companies an edge in penetrating markets faster and provides a better connection to developing markets, which can lead to bigger opportunities, especially in rich countries. Innovation can also help develop original concepts while giving the innovator a proactive, confident attitude to take risks and get things done. When a company has an innovative culture, it’ll grow easily, despite the fact that the creative process isn’t always simple. Tried-and-tested methods may be reliable, but trying out new things is a worthwhile experiment.

 

What It Is And What It’s Not

Aside from products, innovation can also pertain to new services, business models, processes, and functions.

Companies such as Google and Starbucks have implemented game-changing innovations in small ways that add to the big picture. Notice Starbucks doesn’t do small, medium and large cups. They have their own language such as grande and venti. They even have their own payment app designed with PayPal. If you use Google, you may start with a search but end up using Google Docs or Google Hangouts.

As a professor and trainer who teaches a series of innovation and creativity programs, I can tell you from an observation that innovation is not for geniuses working alone. It is a group activity and is definitely a teachable skill. Being innovative should always be a part of your approach. With creative thinking, problems can be solved differently and strategically. The right innovative techniques can help you save precious time and money, and give you a competitive lead in expanding your business.

Tremendous efficiencies are experienced because of the development and use of new strategies. One way to experience this is when distinctly different ideas come from different minds. Don’t be afraid to surround yourself with people who have ideas that differ from yours. You’ll come up with diverse ideas that you can pool to achieve a different approach from what has always been done – and that is what you call motivation.

Now go get innovative!

Source: https://www.forbes.com/sites/forbescoachescouncil/2017/05/08/why-innovation-is-crucial-to-your-organizations-long-term-success/#4606a6bd3098 – Forbes

The Edge’s CEO visited South Korea to discuss further partnership with GCC KAIST

The Edge’s CEO – Milena Stoycheva, visited the workshop “Global Commercialization for Innovative Development“ that took place on 13 to 16 of November in KAIST Daejeon, Korea.

The event brought together all the cooperative partners from GCC’s network – from government representatives and R&D researchers to industry partners.

The goal was to discuss strategies for technology commercialization with a focus on practical acknowledgement by international and domestic experts of technology transfer, co-research project and others.

Milena Stoycheva and the representatives of GCC KAIST also discussed the next steps of the collaboration between the two institutions.

The Edge and GCC KAIST signed a Memorandum of Understanding

The Edge: Research and Business Development and the Global Commercialization Center of Korea Advanced Institute of Science and Technogoly (KAIST) signed an MoU in July 2017.

The agreement aims to build an alliance to promote global technology transfer and commercialization and to establish Bulgaria as a regional hub of GCC KAIST to encourage value creation in both Bulgarian and Korean economies.