Innovation Ideas are everywhere but finding them and executing them quickly can be extremely challenging. Competition is fierce in the innovation space and if you are looking for innovation ideas to implement quickly you have to be strategic and creative. One of the best ways to get started is to look at what the leading companies of the world are doing that is working for them. Look at the innovation process from their perspective and then duplicate that process in your company. You may have many innovative ideas for products, processes or even marketing. If you have an idea that can’t be copied by another company, then you should take it to a team of innovation experts and let them determine if there is a viable business case for such idea.
When you are looking for innovation ideas for your company, first focus on your customer and the future of your business. Then focus on the customer by researching what the leading companies of the world are doing that is working for them. Then pursue new business categories. It’s important to set your company’s vision and then look at the competitors of your company and the innovation process they are going through to achieve that vision. The key to being a success in the innovation pipeline is taking a comprehensive view of both the horizon 1 and the horizon 2.
Horizon One: Your Horizon is the business model you are using to define your company’s future. For example, Microsoft is a business model focused on Office and the Windows platform. Apple is a much bigger company with a broader focus on technology. As a result, when you are developing a new innovation idea for your company, you need to consider the technologies that the companies are leveraging to build their businesses.
Horizon Two: Your Horizon is also an important aspect of identifying your company’s future. If you want to be able to identify your company’s most likely path to long-term sustainability, you must have a good understanding of both short and long-term economic growth prospects. You must take into account not only the short-term economic growth prospects for your corporation but also the long-term economic growth prospects for your company.
Horizon Three: Finally, your Horizon takes into account both the availability of investment capital and the availability of venture capital. Just as business plan experts consider venture capital as one of the main drivers of innovation, many investors now consider corporate tax rates, capital expenditures, and other factors that can lead to limited innovation. When you are working with the Small Business Administration or SBA, you will find that they have developed a series of tools and techniques to help businesses improve their knowledge about the viability of their innovation ideas. Using the SBA’s model of venture capital planning, you can identify areas that may be hindered by outside factors that can potentially limit the ability of your company to achieve the goals that you have set forth.
As we have seen, identifying the drivers of innovation is a process that begins with identifying your company’s long-term goals. These should include the ability to increase the market share that you currently enjoy, the ability to reduce costs, increase profitability, and increase the level of consumer satisfaction. Once you have determined what these goals are, you can then use a variety of economic growth and business finance tools to ensure that you have the capacity to meet them. By taking advantage of the available resources such as the SBA, venture capitalists, and other government programs, you can ensure that you are well-prepared to implement changes that will allow you to realize your business goals.