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Making innovation a priority in your industry

By: Topic reported by: Pauline Yao, IndustrySearch
29 July, 2015

Innovation is the cornerstone of business. In fact, penetration into a specific industry by a startup is driven by a new idea or a unique operating model.

There are countless startups that have gone down this road, yet only a select few that have been been successful in implementing innovative techniques with regularity and consistency. Prioritising innovation has its challenges, and the good news is that it's achievable.

Here are three useful tips to keep you on track:

Envision the days ahead

If your company's successful at the moment, it might feel counter-intuitive to step away from the present and look to the future instead. However, it would be foolish not to, given the number of startups that have been known to dethrone established businesses. No matter how secure you feel your company is, it's always best to stay on your toes.

Is there anything out there that would render your offerings obsolete? Are there any changes that you can enact to foster a better future for your company? Who can you network with that can offer invaluable insight on the landscape of the industry?

Take advantage of business conferences and workshops as these are valuable resources for finding like-minded individuals in the field.

Emulating others isn't a bad thing

Study closely what new products and services your competition has to offer. Should you do the same? When a new startup makes an appearance, find out what they bring to the table. What makes them stand out?

It's also a good idea to look into what processes other industries are utilising and to draw inspiration from them. Who knows; you may find something that you can tailor to suit your business and get ahead.

Play around with different ideas

There is nothing mystical about innovation. However, something worthwhile will inevitably come out of consistency; so keep probing and asking questions. As any successful entrepreneur is aware of, hard works pays off. So, don't make the mistake of neglecting research and development or dedicating all of your resources to a singular idea.

A great company diversifies by strengthening their research and development department, being open to different possibilities, and widening the scope of industries that they can potentially penetrate.

Make innovation a priority in your business by creating a space where team members can freely engage in sharing and putting their ideas to the test. You may just be blown away by what happens next.

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