How to innovate your business
In order to stay ahead of the competition, businesses must innovate. But what does it mean to innovate? What does innovation look like, and how can companies go about doing it?
This guide will explore those questions and provide some tips on how your business can start innovating today.
What is Innovation?
Innovation is the process of developing and implementing new ideas or products. In business, innovation often refers to introducing new methods of doing things, such as new technology or processes.
Innovation can also be something as simple as a new way of marketing your product or service. The important thing is that innovation must create value for your customers or clients.
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Now that we’ve answered the question “what is innovation?” and explored some real-world examples of innovation and why businesses should innovate, let’s take a look at some tips for actually doing it.
5 Examples of Business Innovation
- Amazon
Founded in 1994, Amazon started as an online bookstore but quickly diversified its offerings to become the largest e-commerce retailer in the world. Amazon has continued to innovate over the years, developing new technologies like the Kindle and Alexa and expanding into new markets such as cloud computing and grocery delivery.
- Apple
Apple is one of the most successful companies in history, and it has achieved that success through continuous innovation. Since its founding in 1976, Apple has released groundbreaking products like the iPod, iPhone, and iPad, completely transforming the tech industry. And with its recent foray into wearable technology with the Apple Watch, it’s clear that Apple is still at the forefront of innovation.
- SpaceX
- Uber
Uber is a prime example of a company that has disrupted an established industry through innovation. Founded in 2009, Uber upended the taxi industry by allowing users to request a ride with the tap of a button on their smartphone. Uber has since expanded into other areas, such as food delivery and cargo transport, making it one of the most successful startups in recent memory.
- Airbnb
Airbnb is another company that has disrupted an established industry—in this case, the hotel industry—through innovation. Founded in 2008, Airbnb allows people to rent out their homes or apartments to travelers looking for a place to stay. This unique business model has made Airbnb one of the most valuable startups in history, with a valuation of over $31 billion as of 2019.
