With a number of new schemes and concessions, a start-up is taking shape almost every day. And in this day and age of competitiveness, start-ups simply cannot afford to rest on their current products and services. They need to keep innovating and experimenting with what’s going around to keep their ground in the race.
They need to keep their eyes and ears open to everything that is happening around the business world. They need to keep a check on their competitors, they also need to know about a new company that has started in their domain and move at that pace.
Considering the speed at which technology keeps changing today, one new technology missed is all it can take to wipe out an entire business within seconds. And in this race to be the best, the only thing that can keep your boat afloat is if you keep innovating and moving forward with the trends and technologies.
Here are some of the benefits of innovation in startup success;
1. Innovation gives you a competitive edge
Constant innovation gives startups an upper hand in the competition and also helps them become a market leader. There have been examples of a number of companies that have tried to enter a new market by launching something that it totally new. But they have failed to retain their place there since they could not keep up with the new happenings.
For example: One of the biggest tech companies Apple Inc has remained a market leader since nine years, but is slowly starting to lose its edge because of a lack of innovation in its latest products.
As opposed to this, Uber, an up-and-coming company a few years back has been able to rise up the ranks and become a market leader because of their innovative service offerings. From premium cars to even cab sharing, Uber’s innovative products have helped them stay strong in the business. Even now, Uber is thinking of taking its service a step ahead by focusing on the latest technologies.
Conclusion: Startup success is directly related to the innovations you bring in.
2. Startups tend to become more efficient
If you keep innovation at the core of it all, startup success is a guaranteed result. Adapting to this philosophy will make it easier for you to solve everything from the smallest of the problems to biggest challenges.
Look at it this way, when every mind in your organization is intent and focused on improving the processes and services, your startup success will turn into a reality. And it will only help you for the better in the longer run. It will improve efficiency and make a huge impact on the overall organization.
Even if you take some of the biggest organizations, like Google, they keep aside a special hour or day in every office so that people can experiment and innovate. Hangout, and Maps these are the results of such innovative thinking employees of Google.
3. Innovation can create entry barriers for others
When you decide to become an innovator or a disruptor, one of the best ways of startup success is to take the company to the top and become the leader. Creativity and innovation is a space where you can find thousands of people for one good idea.
So if you have come in the space to disrupt it and want to become the industry leader, the best way is to keep thinking ahead, of the next step. Always keep innovation by your side and plan out accordingly. This will help your startup to stay ahead of the curve always.
Here are some examples of how innovation has helped in startup success;
1. Airbnb
The concept of Airbnb is the company provides a vacation rental platform. This simple concept has today revolutionized the hospitality industry. By making way for homeowners to rent out their homes and properties to travelers, Airbnb has been able to disrupt the traditional approaches of the hospitality industry. With this innovative thinking, Airbnb has today achieved tremendous growth and become one of the most valuable startups in the world.
2. SpaceX
Starting out as a space exploration company, SpaceX has developed a number of technologies that have helped to reduce the cost of launching rockets and space crafts. Some of these factors can be the reusing of rocket boosters and other components, but this innovative thinking has led SpaceX to make space travel more affordable and accessible.
Without a doubt, the company has become an industry leader today.
3. Impossible Foods
A food technology company, Impossible Foods has developed plant-based meat substitutes for vegetarians and vegans. These substitutes look, taste, and cook like that of real meat. But with innovative ingredients and production methods, the company has today been able to create a product that appeals to both meat eaters and non-meat eaters.
These were just a few examples of the role of innovation in startup success. When you push your boundaries, you make way for the impossible and make it seem like a cakewalk.
How can you foster innovation for startup success?
a. Keep experimenting
You can foster innovation in your startup by always encouraging your team to experiment. Your team should experiment with new ideas, perspectives, and technologies. You should create a company culture that values curiosity and brings forward risk-taking ability. You should always give your team the freedom and resources to explore any new ideas.
b. Put customer needs at the forefront
Innovation is not always only observing the competitors, it can also come when you focus on what your customers need. A single pain point in the process can compel you to change it and bring in a much more efficient process.
You should always encourage your team to engage with customers and get their valuable feedback.
c. Research & Development
Investing in research and development will help you know the trends in technologies and keep you ahead of the core by implementing those. By giving your customers innovative services every time, you can build your path to becoming the industry leader.
