What is Innovation?
Innovation is a key factor to be competitive in the market. But how do you radically innovate your startup market offerings?
Innovation, as a concept, refers to the process that an startup undertakes to conceptualize brand new products, processes, and ideas, and it also refers to improving on an existing concept or idea using a step-wise process to create a commercially viable product.
Why Is Innovation Important for Business Success?
The world around us is constantly changing, and in order for your business to remain relevant and profitable, it will eventually need to innovate in order to meet these new realities or die for good.
Innovation attracts excellent and talented workforce in the market that is looking out for the opportunity and the company that is open to new ideas and innovations. Startup can use innovation to poach talents from rivals.
While delivering value to your customers should always be a startup’s main focus, innovation should form the core part of DNA.
In the world of startups, there are many different types of innovation that a startup might pursue, for the purposes of this topic will strict our topic to 3 types:
You can also read about: The 4 Stages of Successful Innovation
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