Four different angles of innovation

Many companies confine innovation only to new product development. Lets take a broader perspective at innovation and value creation that the companies can do, to take the company to the next level.

#1 Customers

The customer feedback can be looked at the number one place where companies can begin to tweak their product or add functionalities. Another thing can be constantly finding new segments of customer and adding to the existing one.

#2 Employees

Create a hackathon for a weekend to bring innovation, competitive spirit and camaraderie in the company. Dedicate one weekend a quarter where the brightest minds of your business come together to create something innovative to the existing product.

#3 Processes

Companies can deep dive in the existing processes and come up with some modernization that lead to greater efficiency, quicker turn around time cycles or even coupling undertakings together.

#4 Presence

Creating new points of presence not only increases visibility for a company but also compels the company to come up with innovative ideas to live up or go beyond their existing brand value

All in all, when startups are able to find the ignored innovation scope, they definitely are going to have aggressive edge over their competition.