The right innovation at the right time does more than just change the world; it also helps put your company on the map. Think of leading innovators like Leo Fender. By inventing the electric bass guitar, he secured Fender’s place as one of the most recognizable music brands.
When you’re locked into the latest industry transformation trends, you could also come up with something that changes the game. Interested in learning more about the strategies of business innovation experts? Read on to learn more.
Innovators Embrace Failure
As an innovator, the only unacceptable failure is giving up. Ask anyone who’s found success, and they’ll tell you that the essence of success is failure. A lesser strategist sees failure as a defeat, but an innovator sees it as an invaluable learning opportunity.
When you reframe failure like this, you’ll start gaining powerful insights. Often, the only way to grasp what really works is to experience what doesn’t. When you embrace failure on an organizational level, employees are more comfortable taking risks and experimenting.
Understand and Take Calculated Risks
The right risk at the right time can change everything. Think about a company like Netflix. In 2007, they started offering streaming services instead of sending out DVDs. The risk paid off, and now they’re one of the biggest media companies in the world.
True innovators understand the power of taking calculated risks. For example, some risks are low-cost and have incredibly high payoff potential, but they’re not likely to happen.
Think about uploading YouTube videos. You might have a channel with a consistently low view count, but then one video blows up, and all of a sudden you have over a million views. The more you take chances on innovation, the more likely it is that you’ll find success.
Look to Emerging Technology
If you’re over 30, you’ve seen it for yourself: new technology can change everything. It didn’t take long for computers to go from a niche tool to permeating almost every aspect of our lives. From art to war, digital technology has transformed everything.
You can’t be a true innovator without considering emerging technology. Successful innovation strategies often involve studying the history of technology to figure out where it’s going next.
Just look at the emergence of AI. Those who were immersed in the topic before it was popular now have a huge advantage over newcomers.
It’s also about the infrastructure. Innovators like Matt Calkins can easily pivot their cloud-based solutions towards AI.
Focus on the Customers
Another mistake you can make is focusing so much on innovation trends that you lose sight of what your customers actually want. Innovations like the iPhone were so successful because they were built from the ground up with the user in mind.
If you’re ever at a loss, always look at what your customers prefer.
Follow in the Steps of Business Innovation Experts
As you can see, if you want to be one of the business innovation experts, you need to be persistent. The right innovation at the right time could transform your company, your life, and even the world. Interested in learning more about the latest innovation trends? Check out the rest of our blog posts.