How innovation works- part 2- Sources of innovation #business #startup #personalgrowth

Reading time- 3 minutes.

Category – Business

Innovation is elixir of life of any business.

It keeps organization young and kicking.

What is innovation?

It is anything that adds value to organisation in terms of money or services.

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So where does it arise.

Does it arise after efforts or spontaneously.

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1. Lab –

R and D labs are the places supposed to churn out frequent innovations. Big corporations have dedicated labs with significant financial inputs. They are not very highly productive but they produce great things sometimes.

All important drugs for treating diseases come out of these labs.

Rockets out of Spacex lab.

New LED from Cree laboratory.

Vaccines from Pasteur institute.

2. Accidents

Hit and trial is the mother of significant number of inventions. It happens everywhere, all the time. It happens even in highly sophisticated labs. Trick is to catch idea flowing out of these mistakes.

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There are so many accidental discoveries.

Pfizer company made drug for heart which dilated heart vessels. But it prolonged erections as a side effect. This was noted and used with great success to treat erectile dysfunction.

Spencer Silver worked at 3 M lab. He made glue that was less sticky and of no use at first glance. His boss didn’t like it and asked him to tidy up.

But after few years he realised it’s possible use and made highly successful stick it notes.

Story of accidental discovery of Penicillin is widely known. In contaminated culture plates fungus grew and it inhibited growth of bacteria. This was picked up by Sir Alexander Fleming. And this started new era in medicine.

3. Customer

Sometimes companies innovate to fit their product into the comfort level of customer.

IKEA built big business of home furniture which was based on cheaper furniture which was to be assembled by buyer. It gave customer feeling of accomplishment, when they joined furniture parts. It saved costs for IKEA and made furniture more affordable.

Readymade cake mixtures, noodles voluntarily leave few steps on customers end, to increase interest in the process and final product.

4. Complimentary collaboration-

A business needs many small ones to complete it. Big company cannot make everything. Somebody has to made accessories, apps, decorations and protection in form of covers and product Insurance.

Examples are Car and phone accessories.

Apps for Google Play Store and Apple store.

Bluetooth speakers for music apps and movies.

Ebooks for kindle readers.

Phone damage protection insurance covers.

5. Community-

Sometimes whole community can participate in innovative ideas.

Example is Wikipedia which is open platform where common people can contribute articles. It is very useful and very big.

Tiktok video maker. Anybody can make and edit small videos on tiktok app. This has led to production of many videos ( mostly irritating) but people love it. ( Before Covid lead to widespread backlash on Chinese products

Similar thing happens on Instagram and wordpress blogs. Company provides a platform where massess innovate and contribute.

6. Open end –

When many organisations work together to furthur enhance a discovery.

Like outsourcing or buying patents from others.

Tesla recently made its electric car patents available for other car makers, so that non polluted future can be accelerated.

Open source softwares which anybody can modify and code like twitter and APIs – Application programming interface.

Finnish student Todvalds started building Linux as s project in 1991, which is general public accessible and programmable computer language. It became very large by contributing coders from all over the world.

So, what are you looking for.

Innovation can occur anywhere.

Inspiration – Innovation mandate by Nicholas Webb

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How innovation works – part 1- Basics #business #disrupt #startup #innovation

Reading time- 2 minutes

Category – Business

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As we progress further; average life of a corporation is decreasing.

In last century it was 50 years, now it is roughly 10-15 years.

Disruption is speeding up. Big guns fail fast.

Why.

This happens ?

One big reason is lack of innovation.

Companies that don’t innovate fall behind.

Whenever a disruptive innovative idea surfaces in market, it kills many behemoths.

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When Amazon came, it killed bookstores.

When iphone came, it disrupted camera and music industry.

So innovation keeps organization healthy and long lasting.

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What is innovation actually ?

“Innovation is anything that adds value to organisation and solves problems.”

It is not same as invention.

Not same as discovery.

Types of innovation-

1. Empty – Not very useful. Adds very less value or no value.

Like Segway which was presented as revolutionary transport device. But still it is struggling to make a mark.

2. Incremental

It is small improvement in already useful technology or process.

It adds value over long time. It is also called horizontal progress.

Like improvements in delivery and storage services by Amazon over time.

Improvement in smartphones in each subsequent model.

3. Breakthrough –

It is significant improvement or addition but not disruptive to other existing companies or businesses.

Like Face ID of apple.

Falcon rocket of Spacex as it created reusable technology for space travel.

Wandy Parker online glassess company which changed the way glasses are bought by customers.

4. Disruptive-

It is rare.

It is genre killer. It kills many businesses.

Uber for taxi business.

Netflix for cable tv.

So, in few articles I will try to share internal workings and intestines of innovation.

In the process let’s try to gather few important insights.

I will share what I have learnt by reading some great Books about ideas and innovation.

Inspiration – Innovation mandate by Nicholas Webb
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Lessons from the book Originals by Adam Grant #entrepraneur #linkedin #business #money.

Category- Business

Reading time- 2 minutes

We commonly hear succes stories.

Hero of our story is a badass. He kicks away ( metaphorically) his college professor or his old boss and goes to do his own business.

He leaves suddenly one day and bravely survives inspite of constrained finances.

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But we should be sceptical about it.

Studies show 90% of new businesses fail within three years.

Reason may be anything but such massacre happens.

Either you are immature, or you have non accepting market , wrong niche, wrong product or insufficient finances.

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Then if you have a job, however ugly it may be you should not throw it away suddenly.

You should cling to it a little longer. Let it suck your soul a little longer.

And you should leave when you have one foot stable in new arena.

Studies have shown that people who keep their jobs while starting business have little more chance of succeding in their effort.

Don’t gamble bro.

Assess, polish, judge, secure and then raise the curtains. Wait before you scold your boss.

We have got proof from real life also.

Steve Wozniak co founder of Apple, kept working in hp for one more year after tinkering for Apple.

Google founders waited to complete their PhD before starting internet search engine.

Queen guitarist Brain May kept his studies going while performing at band.

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Scott Adams who made Dilbert comic, jet working on his job.

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Stephan King didn’t become Full time writer for seven years after he started writing.

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eBay fonder Pierre kept his job while working part time on his website.

Spanx founder Sarah Blakely kept her job of selling fax machines, alongside her project.

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Why.

Would they do that.

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It is because human brain is hard wired to seek safety.

So, entrepreneurs being human and not being gamblers, first assess complete risk before burning their boats.

Thay modify the risk.

Who take blind risks, are likely to fail.

So, next time you get angry on your boss, just sip a glass of cold water and rethink over your future projects.

Make it a reasonable guess and moderate risk and go with complete set of emergency brakes.

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.Take your plan A, B and C with you.

Inspiration – Originals by Adam Grant

Introduction

Hi friends.

Everybody with books, is somebody special”

I am an Indian book lover with keen interest in non fiction and classics. I also enjoy talented Indian authors who are getting stronger day by day in the lovely World of books.

I draw sometimes.

I will try to provide short, uncomplicated and unbiased reviews and summaries of books I read. These will help you to pick the next great book you should read.

Hello and welcome to the blog.

Lost in a book, is never lost”.