2. Innovation is all about finding unique solutions to problems, in some sense
we can say that it is the birth of new ideas.
Innovation is not a static process but a dynamic evolving one, it corresponds
with the change in the human needs and environments which in turn
change the face of businesses, either by making them successful or worn-
out. Let’s understand innovation in this sense, mainly there are three types
of innovation which plays a crucial role in providing relevant products and
services. The three kinds of innovation are functional, emotional and
process innovation.
3. Starbucks created an emotional experience
for its customers, with a variety of coffees and
ambience, this was one type of innovation. The
Starbucks carry cups which made it easier to
carry hot drinks became functional
innovation. No segment today in the world is
unattached to innovation, something which
started as an added benefit now has become an
unavoidable factor of the business growth.
4. Innovation can be said to have made up of, viability, dealing
with the business point of view, Feasibility looking at the
possibility of creation through technology and desirability, the
needs and wants of the consumers.
5. Zomato is a combination of feasibility and desirability, where we use
technology to feed the customers, give them the freedom of ordering
their favorite dishes while at the same time making it a favorable
business, as today everyone has a mobile phone and the ease of
ordering through the internet. We call that process innovation. Uber,
Tinder, Urban Clap, Amazon are examples of such an innovation.
6. To conclude, innovation is critical for any business to survive, sustain
and thrive in the world today. Hence, it is essential to understand
everything about innovation and practice it.
