According the Forbes, Innovation is one of the most bandied about terms in global business today, but exactly what it means can be nebulous. It is important to define how we think firms and entrepreneurs should view innovation. Innovation can be described in different ways, through…
- Words: Original, unexpected, fresh, never been thought of before, never been seen before, creative, new, useful
- Reactions: “Isn’t that clever?”, “What a great idea!”, and “Why didn’t anyone ever think of doing it before?”
- Descriptions: Challenging conventional notions of how things have been done before, and bringing ideas from one industry to another, or from one geographic region to another
- Strategic Criteria such as:
- Creating meaningful points of difference for products and services vs. current alternatives
- Fulfilling unmet consumer needs, by offering new ways to accomplish goals, or make lives or jobs easier, better, happier, more exciting, satisfying, or more productive
- Enabling brands to compete in incremental new markets or category segments
- Delighting/engaging/capturing imaginations of consumers to increase loyalty
Nigeria over the last 7 years have seen a rise in the number of incubation hubs where innovators are enabled to create solutions that has positively impacted the people, businesses, environment and the economy as a whole. We have witnessed innovation in the agriculture, fintech, oil and gas, healthcare, telecoms etc. and there are rooms for increased value to be created.
The best new products and services frequently offer a number of innovative characteristics/features/attributes, and customer “touchpoints” in combination and SMEenablerTM is poised to accelerate your path to value creation.