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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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WHEN to BE ANGEL: Startup Ecosystem in India is Booming

The Buzz word “STARTUP” is SEXY to hear to one of the human senses 🙂

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There was a time and era in India where people use to introduce themselves as Business woman or Businessman in a conference. YOU like it or not even being in business for 12+ years I still have to opt for the word “STARTUP STRATEGIST” rather than the heavy word “LAWYER”.

According to today piece of news in BUSINESS STANDARD “Angel, seed stage deals down 40%”

Angel investors don’t see exits on the horizon as funding in the next stages is not as robust as it used to be

HOWEVER………..

NOW is the RIGHT TIME to INVEST in STARTUPs in INDIA as the industry has matured and YOUNG DYNAMIC STUDENTS are taking up Entrepreneurship at an early age of 18yrs which was like a fairy tale story in early 2000.

As quoted in Forbes article: Sometimes there is nothing more relaxing than coming home after a tough day at work or going on vacation and picking up a great book and turning on some background music. Millions of people read with music playing, and now one app is working to bring those two worlds together into one digital experience, all-encompassing experience.

Newly-formed startup Bubo is looking to revolutionize how people consume both books and music with one of the first ever products that combines those two forms of media. The company pairs carefully crafted music with stories, with the tunes created specifically to match what is happening in the literature, some of which is already well-known, with other options that nobody has ever read before.

One of my personal favourite Startup co-founder quote by About.me founder Ryan Freitas

“Your reputation is more important than your paycheck, and your integrity is worth more than your career.” – Ryan Freitas, About.me co-founder

Invest in a young startup which is mentored by Industry expert. As we all know universal fact YOU are known by 5 people you are around. So select a STARTUP who has the ZEAL to Reach for the SKY. More than the number it is the execution of the ideas with small term and long term goals who will succeed in future. A very good example in INDIA is Zomato who rebranded their brand FOODIEBAY when Ebay opposed their trademark application in INDIA. It was an overnight affair and BOOM a new baby was born. SO be very careful while selecting brand name for your VENTURE before you are sued by the SHARKS 🙂

Zomato solved a problem and I talk this from my real life experience.

I was a regular visitor of Tibet Kitchen at connaught place in the back lane. All of a sudden it was closed down due to metro work. Anyhow not feeling disheartened I used to search about Tibet Kitchen online and ONE FINE DAY FOODIEBAY popped out with its lastest address.

Voila Moment for a Foodie like me !!

So coming back to the point, invest in the person rather than the idea. If simple formula can be applied investors can double the MONEY and earn $$$$$$. Currently, investors have turned cautious after the euphoria of 2015 and 2016 and are waiting for exits to rotate their money.

As said by Ravindra Krishnappa, an angel investor from Bengaluru

“People have come to realise that exits are going to be only in 5+ year timeframe, which means while angel investment is sexy, it has lower liquidity than other forms of investment”

YES, 5 year rule is very much applicable !!

Business idea is just like YOUR baby which has to be nurtured with ingredients of doing BUSINESS with passion and empathy. There is no shortcut to SUCCESS. Just like a new born baby who has to taught by the parents basic education before the kid enters KINDERGARDEN where the timeframe is again 4-5 years. So to bear the fruits one has to have the vision to ENVISION the future in the present state of affairs.

‘‘Angels have turned cautious and choosy as they have burnt their fingers. The frenzy that you saw earlier is no longer there. Earlier, a company would start and get funded. Now, investors want to see a lot more traction before they invest,” says Balaji.

Angel deals are down 47 percent since 2016 and 44 per cent since 2015, according to data compiled by research firm Venture Intelligence. Seed-stage deals are down 44 per cent and 42 per cent, respectively, while deal value fell 42 per cent and 38 per cent over 2016 and 2015.

How to generate different types of IPRs from existing business venture and why protecting IPRs is the need of an hour for raising funds?
Why Protecting IPRs is the need of an hour for Raising VC funds?

Time to turn the table and invest in businesses who are able to fulfil the checklist. We at TCIS, India can assist and work with startups and investors to FILL the GAP which are existing in the current ecosystem. I would be taking closed door session at Bangalore on 22nd September. During the workshop, all sessions will have highly technical content with workshops catering to all levels of experience. The workshop aims to provide a comprehensive knowledge on e-valuation methods & approaches along with governance and regulatory requirements for Tech Start-ups.

Valuation & Fundraising for Tech Startups in Bengaluru

This one day workshop is curated for ambitious Start-ups, Senior Executives and strategists from Tech Start-ups. All emerging entrepreneurs and PE/VC professional who are planning to enter into the Tech , Seasoned practitioners who want to bolster their skills to create and maintain a thriving business.

Training details:

Intellectual property valuation patent lawyer

Title: Valuation and Fundraising for Tech Startups

Date: 22nd September 2017

Location: Bengaluru

Trainers: 

Santosh N Director – National Management, Duff & Phelps (Formerly American Appraisal)

Anirudh Damani (Partner , Artha India Ventures)

Prity Khastgir (Founder & Director Tech Corp International Strategist (TCIS, India)

Kapil Bellubi (Director – Valuations, Deloitte)

Why You Should Attend?

BRAND VALUATION patent lawyer APPROACHES AND METHODS