Innovation and growth are inextricably tied in the world of business, regardless of where you are in the world. If you want to win over customers and continue to push against stalwarts of your industry, you’re going to need to be innovative in some way.
It could be on a pricing model, with a particular product, or in-house work practices.
Clearly, innovation is enjoying a surge in Portugal of late. The European Patent Organisation reported a new record for patent filings in a year from the country. Some 368 filings were made, showcasing the innovative uptick in the country. With so many getting in on the action already, how can other businesses seek to grow in this way?
Innovation through Combination
A great many of the most world-changing innovations have come by way of a combination that sought to improve the existing state of play. The smartphone arose from the mobile phone thanks to the addition of the touch-screen to the pocket-sized device, enabling further interactivity and increasing its uses from just communications.
Streaming services are another example of capitalizing on two different technologies by bringing them together. The near-infinite capacity of an online-based media service immediately sells itself to a customer base that’s forever seeking more things to watch and enjoy. Changing from hard copies to the internet became very profitable.
Of course, innovations don’t have to be world-changing to be effective and impactful. Creating a whole new sector within a storied industry, slingo blends slot and bingo gameplay to now stand alongside both of those, as well as table games, as its own product entirely.
The droves of slingo games that have come since the original launched point to its success, and that there’s a high demand for more such products in this new section. Even slot games are looking to get in on the action, lending their hits like Starburst and Thunder of the Gods to the ever-growing collection.
Solving Problems in Your Industry
The best innovations come from those who fully understand their industry or the way that the businesses within their industry operate, and then create a solution for a common problem, regardless of how small. It’s a path to innovation that OXO used when they created angled measuring cups to let users look down to read.
It’s a small change, but one that made the experience better for customers. Now, they don’t need to bend over to read the cup while filling it up with, in the case of OXO products, boiling hot water. It keeps within the industry, expanding their range of cooking products, while they also offer storage, drinks, and gadgets for the kitchen.
Within your own building, you can also innovate to cut costs and improve profitability. Remote and hybrid work schemes have been proven by studies to increase employee satisfaction and retention, saving tens of thousands in recruitment and training costs. Innovating the place of work in this way can move a business beyond its competitors.
Combining technologies, products, or practices while looking to solve any size of problem within your industry is the path to innovation. Exploring ideas through to fruition, even the seemingly less valuable ones, takes some courage, but eventually, the commitment will pay off.
