Innovation is derived from the word Innovate, i.e. re- engineer to a newer product/service or design something completely brand new.
For a re-engineered innovation the product/service has to be significantly cheaper, significantly easier to operate, significantly altered with more qualities etc.
Innovation, for example you have an accounting software which allows a business to carry out its basic and minimum accounting work ie. data entry, trial balance, balance sheet etc. The software is used in conjunction with manual book-keeping as it is complicated and has many bugs. But as they are the only market players, they charge a huge premium for the software sale and on its annual maintenance. Now, you being an experienced accountant, know the inside out of this software and you team-up with your “know it all” software sister and develop a much more robust, bug free and simpler accounting software. While selling, you do not charge any premium and have excellent after sales service. Who do you think will be the market leader?
After, a few quarters you notice that your world class product, although doing well in the market is not touching the highs that you were expecting of it. After pondering over it you realize that your market visibility needs to be heightened. So, what do you do? You go out to the market, do some “talking around” and engage a advisory firm, for example www.teamstrategize.com They go on to develop a wonderful digital strategy and implement it very carefully… and within the next two quarters, you start noticing a very pleasant upward trajectory in your bottom line
After a couple of years, you decide to jump fence and setup offices in other nations. For this purpose, on the advice of www.teamstrategize.com you reach out to investors and VCs, sell part of your stake, get the funds, setup a strong R&D lab, re-engineer your accounting software to meet accounting and legal standards of other nations and start doing business abroad.
BTW Pls. Note: Quarter refers to a period of three months. Please do not think, it to be anything less. As you already know “Drinking is dangerous to health” & “Never Drink and Drive”.
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