As we all know it takes tremendous amount of grit and determination to survive in this ever-evolving world of start-ups. Being an innovation focussed brand, gives that extra edge to ace the race!
Here are some reasons why Start-ups must adopt ‘Innovate’ as their #1 Mantra:
Breaking through the clutter and standing out –Those budding entrepreneurs who don’t have the First Mover’s advantage, innovation is the most viable way of achieving a break-through into the Marketplace. With so much focus on Start-ups and ‘Make-in-India’ economy, there is hardly any area of business left uncluttered. Huge waves of ideas keep pitching their way into the Customer psyche, but only a handful manage to pique the curiosity of Customers. The quality of innovation imbibed into the product or service must be effective enough to satiate the need-gap in the category.
Innovate to enhance efficiencies of product & processes –Innovations are developed with the idea of building a useful product that performs better than the competition’s. Where Time is a precious commodity, businesses really can’t afford to be complacent about ongoing technological advancements and risk working on obsolete innovations. Wasting time, efforts and resources is really not an option for any cash strapped Start-up. Focus shouldn’t be just at utility level. Innovations must be looked at more holistically – Packaging, Production processes, Product sampling techniques, Marketing tactics, Display strategy, Recycling/reuse of resources, customer service etc. When there is a spirit of ‘try-or-die’ imbibed into the work culture, there is always a way to experiment and expand.
What next? – To have a sustainable plan for scaling up business, start-ups must focus on encouraging in-house innovators and nurturing a culture of ideation. Regular Brainstorming sessions must be held, wherein employees are encouraged to find methods for optimizing the existing Product or to discuss fresher approaches for scaling up. When a workplace encourages problem-solving attitude towards ideation and experimentations, it pushes the trajectory of the business upwards. Employees then don’t deal with the fear of failing while voicing out-of-the-box suggestions. A spirit of partnership and ownership is imperative for talent pool retention. Collective innovations can do wonders for the growth of the Business as employees are emotionally invested into it.
Curb fresh competition – Every great idea, brings along with it heap of followers and imitators. More often than not, few of the ‘follow-up’ ideas will be good enough for giving your business run for its money. So, to remain on top of the game, it’s good to consistently think about next level of innovation that will keep the venture afloat. Upping the ante with some effective innovative ideas, can make a business scale up quite fast. Customers positively motivated towards brand loyalty, when they continually see enhancements in services/products.
Build portfolio for funding – Larger established players, who are spending huge amount of resources on R&D, are most likely to adapt newer technologies down the line and recapture whatever market share they initially lose to newbies. If Start-ups don’t innovate & optimize, their growth graph will most definitely take a hit. To compete in the market a brand will always require steady inflow of funding. Investors need to evaluate scale of competitive edge the brand brings to the table. For this to happen, it is important for the Start-up to retain its innovative edge and improvise consistently.
Start-ups need to build Brands that focus not only on product/service improvements but also innovate as per regional requirements of the target audience. Many a times even highly researched innovations fail to perform but it’s necessary to evaluate the reasons and keep trying. Survival, no longer is the game of the ‘Fittest’, but that of the ‘Adaptive’ / ‘Innovative’.