How innovation works- part 4 – structure of innovation #business #money

Reading time – 3 minutes
Category – Business

It is last part of series of four posts about innovation and it’s inner life.

Part 1-3 can be read here –

1. Innovation and it’s inner workings part 1

2. innovation and it’s inner workings part 2

3. innovation and it’s inner workings part 3

When ever somebody decides to do something, it is a daunting task.

If he can workout a plan then it’s better.

It is easier for brain to act, if it has a plan to act upon, instead of wriggling blindly in the universe

So if you are convinced that innovation is necessary, then dear you need to make a blueprint, a structure which can facilitate innovation.

.

Here is a rough idea.

.

1. Ask why innovate?

well if you want your company to grow white beard someday and grow wrinkled old, you need to innovate regularly.

2. Set precise vision

What you want to do in future?

3. your mission

What you want to do now?

.

Define- what you want.

A service or a product or both.

Prepare pipeline of products.

That depends on what your company does

.

Assess readiness….

.

Train people

Tell them about innovation.

Invite new ideas from everyone in company.

Your people act as spark generator.

Promote cross department sharing of ideas.

Hire risk taking young talent.

Give them space to fail.

In short, be the non irritating sober boss.

.

.

Now when you have got few ideas.

It’s time to filter them.

Do it fast.

Take into consideration future technology advances and public behaviour.

.

.

Possible incremental innovation may be possible in your already available products.

.

.

You can see these opportunities in your existing business and your new ventures

1. Plus –

Add one feature to your already successful product.

Like roof window in a car or new component in tooth paste or new colors in a device.

2. Digitalise it

Make a magazine available digitally.

E book of a paperback.

Online services of a bank.

Shop physical to online.

Library online from college.

Classess online by good teachers like Udemy, byjus.

3. Dynamic

New flavours of a good product.

New additions to already available services like Amazon started as online store. Now it has business in online payment, music, content streaming and Amazon Web services.

4. Minus-

reduce size and parts of a or complexities.

Like reduces size of recent hard disks and pen drives by SanDisk.

Thinner computer and tv monitors by computer makers.

Ear pods which are free of wires.

There are many opportunities available.

5. Connect-

One business is connected to other.

Like after a successful film earnings from merchandise and toys. I love those avengers merchandise.

Movie and games.

Cricket and virtual games.

Footballers and t-shirts.

6. Collobrative:-

It is quite common when two businesses coollobrate.

Like free bowl with Maggie noodles.

Free Paytm cash with commodities.

New product with already famous product.

Book authors generally promote each other by giving assertive statements on new book’s covers.

After all this research try to prepare a final plan.

There is a lot of space for tinkering and experimenting.

Inspiration- Innovation mandate by Nicholas Webb.

get your copy here

Leave a Comment

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s