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Three Types Of Innovation. Here’s How To Manage Them

Three Types Of Innovation. Here’s How To Manage Them

“Dreamers are mocked as impractical. The truth is they are the most practical, as their innovations lead to progress and a better way of life for all of us.” ― Robin S. Sharma

With a view of generating revenue immediately from new products, a firm should customize the process of product development for different kinds of innovations. For a company the biggest challenges aren’t in coming up with big ideas but in the organizational and management issues that these new ideas bring along.

No matter what a company is dealing in, companies strive to create innovative products and services adequately and accurately.  

“Chance favors the connected mind.” ― Steven Johnson

For an individual to to bring new ideas to market, create more realistic testing and growth expectations and better manage their innovation pipelines, it is important to identify the types of innovations, needs and the correct approach to nurture and grow the type of innovation.

THE THREE TYPES OF INNOVATIONS

To prolong their stay in the market, companies need to come up with sustaining products and services. Sustaining innovations in products or services help any organization raise the bar enough to stay in the game. These innovations can sometimes be thought of as modification of an already existing product.

To significantly up the level of game within an existing category a company should come up with remarkable offerings. The product should be such that seeing it, customers couldn’t help but want it–over time making it the best-selling product.

“Progress is made by lazy men looking for easier ways to do things.” ― Robert A. Heinlein

When we think about an innovation, many of us have some sort of ideas in our mind. Such breakthrough ideas are called disruptive innovations because they disrupt the current market behavior, rendering existing solutions old-school, transforming values, and bringing previously marginal customers and companies into the center of attention.

The Social media could be considered a disruptive innovation within sports. More specifically, the social media has radically changed the way that news in sports circulates nowadays. Social media has created a new market for sports that was not around before in the sense that players and fans have instant access to information related to sports.

“In a world of change, the learners shall inherit the earth, while the learned shall find themselves perfectly suited for a world that no longer exists.” ― Eric Hoffer

To help explain the difference between these three types of innovations, let’s look at the coffee industry. Maxwell House came up with a dark roast version of coffee, it introduced a sustaining innovation. A new flavour was only a variation on their existing products.

A breakout innovation was General Foods’ line of International Coffees, which added connoisseur of fine flavors to the instant coffee category and elevated the at-home coffee experience. And Starbucks has obviously been a disruptive innovation, turning coffee into a destination experience worth paying a lot more for.

“Innovation is the specific instrument of entrepreneurship…the act that endows resources with a new capacity to create wealth.” ― Peter F. Drucker

In a given category, disruptive innovations come first and are then followed by a series of progressive innovations, with sporadic breakout hits interspersed. Eventually, the market is disrupted once again, starting the cycle anew.

Although  disruptive innovations have the potential to yield the greatest benefit to a company, it is not necessary that it will lead to immediate market success. Because disruptive offerings differ significantly from the existing products, they often require time to gain market acceptance.

“You have to take your own bold approach, and if you do you will be rewarded with success. Or calamitous failure. That can happen too.” ― Steven Moffat

Analysis of revenue and consumer buying patterns:

  • Sustaining: Immediately moderate, then tapering off.
  • Breakout: Rapidly strong, then quickly dropping to a lower level.
  • Disruptive: Longer gestation period leading to exponential growth.

For disruptive undertakings, success typically requires different development processes,

different approval and funding mechanisms, and different performance expectations. At

times, work on a disruptive innovation gets stalled in a system that is optimized for the creation of sustaining offerings. For the success of a project a company should tailormade their approach depending on the goals.

“Innovation is an evolutionary process, so it’s not necessary to be radical all the time.” ― Marc Jacobs

To support the ultimate goal of generating immediate revenue, companies should classify each of its new product concepts within the framework of sustaining, breakout, or disruptive. This allows a company to manage risk and reward at a portfolio level.

Categorizing innovations using this framework is an effective way to ensure that target outcomes are in line with the expectations. Companies are able to focus their innovation efforts by clearly stating that they are prioritizing the development of breakout products and consciously minimizing the exploration of disruptive opportunities.

“Do not get obsolete like an old technology, keep innovating yourself.” ― Sukant Ratnakara

 

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Creating a “Business Plan”

How to Create a Successful Business plan ?

Step 1 to be a successful entrepreneur

Take up one idea. Make that one idea your life — think of it, dream of it, live on that idea. Let the brain, muscles, nerves, every part of your body be full of that idea, and just leave every other idea alone. This is the way to success.” –  Swami Vivekananda

Running a successful business requires comprehensive business planning and developing solutions to business problems.

What you imagine is what you transpire.

What you believe is what you will achieve

A well-crafted business plan defines the entrepreneur’s vision and can help an entrepreneur to allocate resources appropriately and make good business decisions.

Whether you’re proposing a new initiative within your organization or starting an entirely new company, a good business plan generates enthusiasm for your idea and also boosts your odds of success.

To succeed in life and achieve results, you must understand and master three mighty forces- desire, belief and expectations.The primary purpose of a business plan is to help entrepreneurs gain a deeper understanding of the opportunity they envision.

A business plan includes the following basic elements-

Executive Summary, Company description, Product/Service, Market and Competition, Marketing and Selling strategy, Operating Plan, Management/ Organization, Financing and Supporting documents.

Writing a business plan assists in goal setting and long-term planning. It is important to attract investors as well as employees. 

It is an essential part of any loan application.

Every Beginner possesses a great potential to be an expert in his or her chosen field.

To begin with, the executive summary of any business plan is its cornerstone and is very important. It defines what your business does and why. A summary should concisely summarize the technical, marketing, financial, and managerial details of the business. It should convince the reader that the new venture is a worthy investment.

The company description highlights the entrepreneur’s dream, strategy, and goals ranging from the present outlook to future perspective.

How the company will address the needs of the customers as well as employees.The product/service section should stress the characteristics and benefits of the new venture, including its price, innovative, competition and the market the product/ service will target.

The marketing and selling strategies are the result of a meticulous market analysis. A market analysis forces the entrepreneur to become familiar with all aspects of the target market and provide a competitive edge to the company.

Success is a moving target. Achievement is a single event.

The Operation Plan is designed to describe how the business functions on a continuous basics. It highlights the responsibilities of the management team, tasks assigned to each division within the company and the capital and expense requirements related to the operations of the business.

Organization section will describe the company’s legal structure and biographies of the key members.The financial components of a business plan typically include three projections: a balance sheet, an income statement, and a cash-flow analysis. 

A balance sheet is a snapshot of the company’s value. An income statement helps to estimate profit or loss over a period of time.

Cash-flow statement indicates revenues, expenses and available cash.There is more than one way to win in life. The key is figuring out your way.

SUCCESS MANTRA

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