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?

As they say, necessity is the mother of innovation. And this theory or a phrase holds so much significance for startups to avoid being part of failure statistics.
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:

Process Innovation

Process innovation is about implementing a new or improved production or delivery approach, including changes in operational methods, the techniques used and the equipment or software.

Product Innovation

Product innovation is the introduction of a new or improved good or service. These inventions or changes may have to do with improving technical specifications, the materials or the software used.

Marketing Innovation

Marketing innovation means developing a new marketing strategy that produces changes in, for instance, the way a product is designed or packed, or even other decisions regarding price or promotion.

You can also read about:    The 4 Stages of Successful Innovation

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