6 Thumb Rules of Business Innovation ? Current Affairs ? News That ...

What according to you innovation is? Is it something that solves all our problems efficiently? Or something new and useful? Or which is ahead of time? Well all are true, but for entrepreneurs, innovation is all what can be seen in figures.

Though invention and innovation may appear similar, but they all are poles apart. Innovation is actually commercialization of an invention. Innovation can be in different forms. Listed below are five such forms of innovation.

Inspiration

We all know that behind every great man is a great woman, similarly behind every innovation is an inspiration. To come up with something unique is when we require inspiration. As a consumer, we have lot of expectations from the products, so in order to make the products much more efficient, the makers take inspiration from lot of things. For instance, Ratan Tata too was inspired by certain issues before he came up with the world?s cheapest car, Nano. It was Indian families riding on scooter that inspired Tata. He said, the child getting sandwiched between his mother and father on the slippery roads is what inspired him to come with Nano, and the result was he won great compliments.

Ideation

A constant brainstorming of ideas can surely lead to inspiration. To conceptualize an idea is what ideation is all about. It the process of generating new ideas and finally convert your ideas into innovation. Interaction or brainstorming with wise people is the best way to check for ideas. Your ideas can fetch you criticism or may seem funny to other people, but that should never put a hold on your work.Implementing ideas into reality is never that easy. For example when Steve Jobs came across this idea of introducing a cell phone with just one button, the idea appeared to be impossible. There were lots of questions, like how will a cell phone work without buttons, how can one access Internet through a single button. But these things never bothered Steve and the result is in front of the world. We all now know ?iPhone?.

Initiation

Taking an initiative for something requires a great deal itself. Sometimes we start working on some idea but we leave it in the middle due to failures and set backs at the initial level. Innovation requires passion and dedication that can keep you anchored to your idea. While implementing your idea, there could be certain situations where a change in your strategy or may be a change in the idea itself is required.Facebook was launched into the social networking arena long after Orkut, Myspace and hi5. Facebook had more than 800 million users which is way more than the combined numbers of other sites. The features in Facebook were updated regularly and it also allows support for third-party applications, video calling collaborating with Skype and features like timeline etc. getting all these features at one site is next to impossible. Moreover you can easily connect to your old friends and search them through Facebook.

Invention

A lot of hard work goes into inventing. Many changes and revisions take place before an idea or product is launched. It is one of the crucial times because this is the deciding moment for your innovation; it could be accepted or rejected. To commercialize your innovation, it has to be marketed well to make people aware about your product.Mary Anderson, a real estate developer came up with windshield wipers. While staying in New York, she came across the fact that the tram she travelled had a windshield. Though windows allowed the driver to see the roads during the rain but the snow was the real pain. This gave rise to an invention as she came up with windshield wipers with rubber blades connected to a spring loaded arm which made it easy to clear off the rain and snow. Though she made it patent and tried to market it and sell it rights, but the buyers were not really convinced and declined the idea. But today there is no such four-wheeler that comes without windshield wipers. Income GenerationIt?s not compulsory that all your ideas can fetch you money. Failures are possible, it could either be disastrous or could surface new path for inventions. Your invention can get u money if you target the niche or focus the common masses. When we talk about invention of bulb, it?s Thomas Edison that strikes our mind at once. But very few people know the first electric bulb was actually invented by English scientist Humphry Davy in 1800. Edison tried thousand of different filaments and finally spread light. Later the bulb was commercialized and Edison stated, ?Anything that won?t sell, I don?t want to invent. Its sale is proof of utility, and utility is success.? ImprovementAll innovations have a scope for improvement. Very soon an organization comes across a fact that an innovation that seemed impossible at one stage looks outdated now. A continuous improvement is what required for a product or service. For instance in India cataract was a synonym to blindness only till Aravind eye care hospital came into light. The cataract operation cost around $2500-3000 in the U.S. and around $300 in India. So Aravind eye care came up with a program which treated patient for an average of $25 and the treatment was free for 60 percent of the patients. Aravind surgeons have half the number of complications that the British health system has for the same process. That high quality permits Aravind to attract patients who are eager to pay market rates and it takes the large profit made on those surgeries to fund free and subsidized surgeries for poor people.

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Source: http://currentindiaaffairs.wordpress.com/2012/02/09/6-thumb-rules-of-business-innovation/

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