Innovation is vital for all businesses and the guys at Innovation Excellence (http://www.innovationexcellence.com/)do a great job in prodding and poking awareness of the importance of innovation.
They have a group on LinkedIn that may interest you. You can sign up for their weekly email.
This week’s email was particularly interesting. It is quite long and covers the five hottest innovation trends.
As it is a lengthy, yet still very interesting, article I’ll highlight the key points here.
The ‘movement’ driving innovation that’s creating the biggest stir is the ‘On Demand’ economy. Providing what customers want exactly when they need it and by the most direct route. The five top one listed are…
- Global startups
Startups can be from anywhere in the world. Funding is now available much more easily (see crowdfunding and similar) and access to worldwide markets through the Internet is simple too. Different viewpoints lead to disruptive services.
- Additive Manufacturing
3d printing and the like is now on the verge of being mainstream everywhere that custom pieces are needed. More and more practical applications are being discovered as costs tumble and technical capability increases. Is your market segment vulnerable to this?
- On Demand services are in great demand.
Currently top of the On Demand disruptors are Uber and AirBNB. Neither invests in delivery of services, but provides information connecting customer with delivery point. How will this approach affect other, traditional business areas?
- The Algorithmic Economy
More and more data is gathered every day, hugely increasing the potential for accurate targeting. The volumes are staggering even the experts. Currently the processing of that data defeats many organisations, but it is changing fast. Big Data is becoming vital to corporations. Watch out for when they really get a handle on it.
- The Crowd is the Future
Crowd sourcing has already worked to provide some start-ups with funding that would previously have been out of reach. But larger companies are now using the same model to drive innovation, with Lego being a great example. Can you use your customers to drive your development before your rivals do?
If you think that these trends “don’t affect my business” then that could be a dangerous position. Maybe your business area will spawn the next Uber? So it is essential to continue to upgrade and refine the way you practice innovation.
Innovative businesses need more cash, so they can do more development.
I solve that.
Contact me today. (http://itranddtaxcredit.co.uk/link)
Tony Lord, R&D Tax Rebate Expert
P.S. If any of these points tickle your interest then read the full article (http://www.innovationexcellence.com/blog/2015/09/24/the-five-hottest-innovation-trends/).
P.P.S. Disclaimer – This summary is the work of Tony Lord and I have no connection to Innovation Excellence other than as a subscriber to their email newsletter.