Innovation in business means different things to different people. However, business innovation ideas generally refer to ideas that can be translated into a product or service people are willing to pay for.
If you’re looking to start a small business or grow your existing one, here are some business innovation techniques that might help you.
Where to find inspiration for business ideas
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Start by trying to solve a problem. Once you know the problem you’re trying to solve, use the innovation matrix to figure out what type of innovation approach you’ll use. Will you be disruptive or strategic?
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Look at processes or products that people are using. Is there any way to improve on these to save money, increase productivity or improve the customer experience?
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Take a look at other markets in other countries. Are there any products that are being used there that can be replicated in your local area?
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Work with others. Innovation generally occurs as the synthesis of two fields. Speak to others from different industries, network and be open to new ways of doing things.
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Use platforms for collaboration, such as Freelancer or LinkedIn. Use these to connect to other experts, or to get access to resources and talent you wouldn’t have had otherwise.
Best small business innovation development opportunities
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Embrace sustainable production. With new legislation designed to eradicate modern slavery, and Australians becoming more ethically-minded, more businesses will need to consider sustainability at every part of the supply chain. Consider how different parts of a business or industry could be done in a more ethical way.
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Automation or machine learning. AI is fuelling the fourth industrial revolution. As artificial intelligence becomes more sophisticated, automation can help do tasks faster and at a lower price. Have a look at existing processes in your industry: what can be automated and how would this help customers?
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Consider business innovation technologies. Technology holds plenty of opportunities for small business innovation. Keep abreast of new technologies and consider how these could be applied to your existing practices. For example, could an app make collaboration easier? Or could you use a new piece of technology to improve work practices in your current workplace?
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Use data. The world is filled with data, and this information can power innovation. Keep an eye on consumer trends to identify macro trends in your industry, and try to incorporate this into your business plan.
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Connect across generations. Millennials and Gen Z are the customers of the future. They have different approaches and attitudes to life, and it’s important to explore what matters to them. Actively employ younger staff in your company, or network with them during events. This will help you identify new ways of approaching problems, and future-proof your product or service.
Opportunities for innovation exist everywhere — you just need to know where to look. By being open to new ideas and using business innovation models, you’ll give your company the best chance of success.