Innovation can be driven by taking an ‘obvious’ idea from one context and applying it in another
The successful development and implementation of new, innovative ideas are crucial in business. Your innovation could focus on improving business processes, bringing new and improved products and services to market, increasing efficiency or, most importantly, improving profitability.
Being innovative in business isn’t all about being the next Steve Jobs or inventing the light bulb. Some of the most innovative business ideas come from taking an idea from another market sector and applying it in a new or innovative way in your own business in order to solve a different problem.
For example, Henry Ford didn’t invent the car. Karl Benz invented that. Ford also didn’t invent the assembly line, but he is famous for using the assembly line in order to improve the efficiency of his business. So why do people call Henry Ford an innovator?
Ford might not have invented anything 100% original, but he knew how to take existing ideas and develop them into something extraordinary. Henry Ford wanted to take the idea of an automobile reserved for the rich and bring it to the masses. He took existing ideas and applied them in a new way in order to realise his vision.
We are surrounded by new technologies. We live in an age where businesses are experimenting with Artificial Intelligence, Augmented Reality, Video Calling, High-Speed Internet, online shopping with same-day delivery and much more.
The best businesses of tomorrow will adapt today’s technology in new and innovative ways in order to bring new products or services to the market.
In order to innovate in your own business, take a step back and look at your market. Is there a gap where you can apply technology from another sector and implement it in your business in order to give you a competitive advantage?
They say that imitation is the greatest form of flattery. You may not be the next Steve Jobs but maybe you could copy a few of his ideas in order to create your own market-leading business.