Innovation is an important part of an entrepreneur’s job. It enables value creation, meeting new needs and tackling unsolved problems. To that extent, it is a powerful tool that can make a significant difference and enable you to outrun your competitors.
Here are ten rules that will help you understand what innovation is all about.
Innovation is not only about money
Many entrepreneurs commit this mistake. They mix up their goals with what they need to do to achieve it. In fact, coming up with something meaningful should be the driving force of innovation and money should be one of the outcomes of success.
To that extent, focus on something that is meaningful and not on something that will be profitable to you.
Mantra is the new motto
The mantra is a short mission statement that explains how your idea is unique and will enrich people’s lives. It can be a short motto that explains the essence of your business.
Jump to the next curve
This rule stems from the first two. Aim for the breakthrough that comes with the creation of a unique idea that is defined by your mantra. To illustrate this, let’s take the simple example of an ice “factory”. In the earlier days, to obtain ice, one needed a frozen lake from which ice could be extracted block by block. One day, someone jumped to the next curve and started developing the technology that could freeze water so that he could deliver it directly to the customers. The next curve was the launch of freezers. Thanks to that, anyone was able to obtain ice easily.
The mantra is exactly the same: provide ice to anyone who needs it. Innovation allows the solution to develop further. Don’t define yourself as an ice cutter but as an ice provider; this will enable you to jump to the next curve.
Improve your chances by playing DICEE.
This means that your idea should be:
Perfection is not the purpose of innovation
Once you have jumped to the next curve, it is ok to have some imperfections. The goal is not to be perfect but to create meaning and provide answers to problems that did not have a solution so far.
Innovation is not a one-shot thing. It needs maturation and experimentation. Do not focus on delivering something perfect but on delivering something that has meaning.
Another mistake that is commonly made by many entrepreneurs is not following their customers. Indeed, branding and positioning have to be done keeping in mind who uses a product or service and how he/she uses it, not according to what you want or anticipated. So, take your best shot, follow the path that has been given to you by your customers and bless them for giving you an opportunity.
Innovation should polarize people
This point is important, especially if it involves jumping from one curve to the next. Do not fear the critics; but if you do not hear their voices, it could be a cause of concern.
Try it, break it, fix it, change it, upgrade it
Innovation requires constant denial because it is the most efficient way to avoid stagnation. Without challenging what you do, you would not improve or innovate.
Find a niche
On a chart in which “uniqueness” is the y parameter and “value” is the x parameter, aim the top-right corner. Try to be both unique and valuable for your target customers.
Polish your pitch
Pitching is like the showcase of your business. If it is good, it will attract people and generate interest for your idea.
Bonus: “The role of entrepreneurship in the innovation process”
Entrepreneurship and innovation are strongly interlinked because one of the main purposes of entrepreneurship is to drive innovation in a constrained environment. The job of an entrepreneur is to bring innovation to the market and enable people to benefit from it. An entrepreneur and an innovator’s role can be handled by the one person, but it is essential that both the rolls are fulfilled.
Do not hesitate to contact us if you have any question regarding the innovation topic or any topic related to entrepreneurship.
SKEMA Ventures is a business unit created by SKEMA Business School dedicated to entrepreneurship and innovation. Through a unique value chain, that encompasses teaching, coaching, incubation, and acceleration, SKEMA Ventures allows each SKEMA student and alumni to think, design, test and launch an entrepreneurial project in a global context, on six innovative territories on four continents, benefiting from the best of each local ecosystem. With SKEMA Ventures, GloCal entrepreneurship is born!
Watch this video to know more: https://youtu.be/OAYVo9wtWZM