I was invited by Symbiosis Institute of Business Management (SIBM) as a keynote speaker for their national level event called SYMPOSIO. It was a good experience speaking to future entrepreneurs and managers and to guide them on the importance of innovation.
You can view the presentation of the keynote below:
Here’s a quick summary of the presentation:
Innovation is in a new product or service, and in how we build a new product or service. It is in all business processes, and in how we manage those business processes. This presentation is about 10 ways you can innovate in your startup or business.
Table of Contents
1. Go lean! Create an MVP
Build the smallest product your customers can give feedback on, and iterate on top of it until you have a final product.
Build and test a Minimum Viable Product, see if customers accept it (it can just be a landing page), and then move on to build the actual product. Keep cycles of feedback in between the steps.
2. Fill a void or make something easier
For entrepreneurs, fill a void or address a need of the society which does not have an existing solution.
For managers, remember innovation is not about reinventing the wheel. Managers can innovate by making an existing process easier, faster, and less expensive.
3. Jump to the next curve
The best innovation happens when you jump to the next curve.
Corporates miss out on innovation because they’re too busy managing current business and clients. They are so successful in what they’re doing, that they don’t think about “jumping the curve” innovations. Don’t let that happen. Today’s success should not become the enemy of tomorrow’s success.
For example, Apple did not invent the MP3 player. It existed before the iPod. You can call the iPod’s success a marketing innovation, you can call it UI innovation, but you cannot call it an “invention”. It’s reinvention. Remember, you don’t need to invent to innovate.
5. Create a new business model (Business model Innovation)
Example: Razor vs Blade pattern- The Gillette business model innovation example. Gillette modified their business model by selling cheap razors but expensive blades.
6. Create a business model portfolio
The focus has always been on defining your core business, staying with your core business and protect your core business. But if you stick to your core competencies and don’t innovate, you might disrupt or fail in time.
Example: Google business model portfolio.
7. Adopt from other industries
Adopt a business model innovation to your industry is still innovation and points to the concept of how “Innovation drives innovation”.
Instead of reinventing the wheel, you can use analogies and learn from other industries. Check consistency of how other industries work and implement it in your business model.
8. Change the game (disruptive innovation)
When a new innovation causes the death of an existing business. Examples: WhatsApp & Netflix
9. Buy a disruptive innovation
It takes innovation to buy innovation. Example: Facebook + Whatsapp
10. Take “Jugaad” to the next level
Jugaad got an entrepreneur from Bay Area to Bangalore to create a business model around Jugaadu missed calls. (ZipDial example)
I would love to know your thoughts and ideas of implementing innovative methodologies in business and entrepreneurship. Feel free to start a conversation to discuss more.