Innovation has always been an essential for great inventions, creative thinking and impacting the world. But there are many of us lost in the riddle of how we should innovate. There are many videos you will find on the internet that may guide you into steps for innovation but here’s a video by leadership trainer Dr Vivek Bindra that we think sums up some unique points that may help you.
Customer’s Need is the Root for Growth:
Throughout history most inventions or technological and artistic revolutions have occurred based on the demand. As the famous saying goes “Necessity is the mother of inventions.” So foresee the demand in the marketplace to innovate.
Create List of Promising Ideas:
Accumulation of the best ideas is vital. A seamless extraction of ideas from the collection of ideas you get from your friends and employees will help you plan the next step.
Experimentation and Validation:
All the pilot tests are to be done beforehand in your studio/lab/nearest and smallest marketplace to avoid mistakes in the bigger arenas. With verifications being completed, your product can then be taken for the actual launch.
Commercialization and Ramp Up:
After you have succeeded in Creating networks, distribution partners, dealers and supply chains it is time for you to finalize the product, its price, create the process of work inside your agency or company, get human resource or manpower and also work on promotion of the product.
You need to keep on improving the product day by day via feedbacks, planning and execution. For product improvement, a separate budget needs to be maintained. Check the growth gap –gap between where you want to be and where you are currently. With this you will be able to understand what steps/actions you need to take to reach your goals. Allocate separate time and money for this.
With initiatives and ideas on the go, the energy levels of both you and your partners in the business will be at a high level. Innovations are happening in every industry every day and if you don’t innovate today, you will be nowhere in terms of what you wanted to create.