Business Innovation

How to Stay Innovative in Business

In the fast changing environment, there are victims of change and winners because of change. The primary attribute of  winners is Innovation and Business need to stay innovative in this fast changing environment.

This talk primarily has two sections

1. Deeper understanding of Innovation covering What, Why, How and

2. Focusing specifically on Event Industry

Hence to Innovate, it needs an aspiring body language and mindset.Thus, people first need to imbibe the right mindset required for innovation.

Then we need to deeply understand the what, why, how of Innovation. So let’s take it one by one.

What is Innovation?

To understand it better, we can take help of etymology rather than remembering the definition of the word as the world focuses on the root of the word. Innovation is “introduce as new” from Latin word innovatus. Also we can just focus on “Nov” which has close parallelism with “nav”, sanskrit word for “New”. Hence to understand it in simple words, we can say Innovation is constant pursuit of doing something “new”.

Why Innovation?

In this world, we have only two choices, to innovate or not to innovate. Some of the reasons for not to innovate could be additional efforts required to get into the process of “innovation”. But if we think from different perspective, both choices require “additional efforts”. In the case of “choose to innovate”, we need to put additional efforts to create the disruption which has the potential to create industry leaders. On the other hand, “choose not to innovate” may not have immediate action items. But as market would definitely change, people and businesses who choose to innovate take the lead and acquire major chunk of opportunities. Only residual opportunities are left for “people who choose not to innovate”. Hence these secondary people, need to put in efforts later on for their survival in the market.

How to Innovate?

To understand How to innovate, first we need to understand the famous S-curve of innovation. As per this, if we take time and efforts on X-axis and Growth & value on Y-axis, Innovation is found to be following the s-curve

1. During the initial phase, even after putting the efforts there are marginal or no value generated

2. After some time, during the middle phase, we get to see the desired growth and value as per the efforts

3. In the last phase, innovation get to the maturity and again the value generated from the innovation starts minimizing.

So some people might think that they would first reap the benefits of first innovation and only when it gets to the maturity phase, they would start working on second innovation. But if we observe closely it leads to a phase where first innovation has matured and stopped generating value and second innovation is still in the initial phase and not generating any value. To avoid such lean period, we should follow the other approach where second innovation is started while we are in the growth phase (phase 2) of first innovation. In this manner, by the time first innovation reaches the maturity phase, second innovation is already getting into “Growth Phase”.

Two Strategies of Innovation:

Incremental and Disruptive

Incremental innovation is when we make comparatively minor improvements in current flow of work on regular basis.

Disruptive Innovation is the one which changes the paradigm itself and lead to major improvements.

We can take the example of ICE Industry.

ICE industry phase 1: During the initial years of ICE Industry, people use to go to Iceland in winters to cut the ice and ship the ice pieces to their native country.

ICE industry phase 2: After many years, ICE factories were established. In this case, one need not got to iceland and also no need to wait for winters.

ICE industry phase 3 : After that home refrigerators were introduced, where one could have the ice at the comfort of their home and not depending upon any ice factory.

In this case, Incremental Innovation in Ice industry phase 1 could be the way to bring back more ice in the ships and reducing the cost of labour etc.

Incremental Innovation in Ice Industry phase 2 could be, creating bigger ice factories and increasing the production etc.

Incremental Innovation in Ice Industry phase 3 could be, size and positioning of freezer in the refrigerator

But if we talk about disruptive innovation, it would be moving from ice industry phase 1 to phase 2 and further to phase 3.

Section #2: How to Stay Innovative in Event Industry

There are four simple ways to adopt Innovation in Event Industry:

1. Create the Innovation from Scratch: These are the core innovations, which are built from scratch.

2. Combine to existing innovation and create a new innovation: When I delivered the motivational sales talk for Yamaha in Kathmandu last year, a saw a creative act there. As dance has been a part of events for long and laser has been there for long. But combining the Dance with Laser in the dancers’ attire, created a new innovation. This ACT was much appreciated by crowd.

3. Localize a Global Innovation: In today’s world of internet, one can easily track the global innovation in event industry on daily basis. For example, if there is a spider-man act in some global conference, one may localize it and create Bahubali act on the same line in India.

4. Master the Global Innovation and deliver it in your local industry before your competitor does that: In this, no changes are made to the global innovation, just that one may strive to be the first one to do it in their local industry. Hence if something has been done in other part of the world, one may be the first one to do it in their continent, country, city etc..

 

Hence as event professional if we are not having any “innovation from scratch”, we can combine exiting innovation, localize a global innovation or at least delivery a global innovation in local industry before competitor.

Four Tips to Imbibe Innovation in Your Organization?

  1. Create Innovation Mastermind Group
            >> Keep an eye on disruptive change

  2. Weekly/fortnightly meetings to discuss Innovation

  3. One INCREMENTAL change every quarter

  4. Celebrate What Did not Work (As there is no Failure)

We always need to keep this mindset-

” I am an innovator and I am going to use Innovation to become leader in my industry”