Innovation 101 – best thing since sliced bread is sliced bread
Opportunities to Innovate are more common than we think they are, when mentoring young budding entrepreneurs the question I get asked most frequently is along the lines of how did you come up with the idea to do this…. and the answer is almost always a surprise when I share that it was in front of me and everyone else and the only thing I did was improve it, adapt it to the market better than the incumbent had.
Innovation is about altering the status quo to meet existing needs of a market or creating new needs within market(s).
The best thing after sliced bread is sliced bread, simply innovated! instead of plain flour using whole grain, multi-grain, instead of a plain baguette it is a cheese baguette! it is adaptation that the current players in the market have not woken up to, have not considered or have been simply too lazy and content to introduce.
All of this could be explained elaborately using an Ansoff matrix but I want to keep it simple for it is a simple concept. Study what is there right in front of everyone, with existing demand, without the need for inventing a new market and analyse where it fails, it could be the product it self, it could be the service that delivers it or supports it post sale, it could be the need for a complimentary add-on that extends the existing product… the possibilities are endless!
My own tales from the trenches of the opportunities I jumped on, innovated on the existing, built businesses around it and exited will soon follow, for now the message to take away is: the best thing after sliced bread is sliced bread, and innovating is not the challenge, making it happen is.
#Innovation #Innovate #Doitbetter @Kubair @Ikonami