You can make a mark on the world of business and quickly rise to the top by becoming a pioneer of innovative products. 66% of the respondents in the Deloitte Innovation Survey agreed that innovation is a critical factor that businesses need so that they can scale up. Fresh and relevant ideas also pave the way for greater business success because it allows you to stand out from the competition and attract more customers.
We at the US Pan Asian American Chamber of Commerce Education Foundation (USPAACC) agree that innovation is important for the business sector and the world. As such, we have launched the next round of the What’s Your Pitch: Innovations Competition for 2022. Individuals who have a unique business idea will not only win over $50,000 worth of prizes but will also be coached by successful entrepreneurs from Silicon Valley and Houston. So if you want to stand out in the competition, here are a few strategies that can help you innovate:
Solve the Concerns of Specific Audiences
Innovations can arise when entrepreneurs use their skills to solve the concerns of niche markets. By understanding the needs of your target audience, you can help numerous individuals and create a unique business idea at the same time. To illustrate, Reuter states that online academy Udacity was able to make education more accessible by launching courses on their digital platform. The number of enrolments on the platform even doubled over the past years because they could reach individuals who did not have access to traditional schooling. Similarly, you can transform the lives of others and create an innovative service by providing a solution for your target market.
Be Two Steps Ahead by Analyzing Trends
You can create an innovative business idea by becoming a fast trend-spotter. Rather than following trends, you need to predict them and incorporate them into your business idea before anyone else can. In fact, becoming the trendsetter is what made Shopify so popular among merchants and buyers. An AskMoney article on Shopify pointed out that the COVID-19 pandemic played a huge role in turning online shopping into a necessity rather than a convenience. However, the platform stayed ahead of the competition by launching accessible and affordable merchant plans about a decade before the pandemic. By analyzing future trends, Shopify was able to offer one of the most essential services today.
Apply Business Models in Other Industries
You can also find innovative ideas by bringing successful business models to other industries. By matching the business model to the industry, you can create a combination that is both fresh and primed for success. To illustrate, 3D printing was first used for rapid prototyping before it was applied across different industries. Recognizing the potential of 3D printing, Lazarus 3D applied the business model to help physicians train for surgery. They developed a patented technology that allowed 3D printers to create replicas of their patients through MRI or CT data. Through this innovative idea, the Houston-based business became one of the winners of the USPAACC’s 2019 What’s Your Pitch: Innovations Meet the Market competition.
Find Inspiration from Your Own Passion
Finally, you can find the spark of inspiration by pursuing your passion. Your interest in your chosen industry can help you find gaps and opportunities that your business can fill. This is why an article on the Psychology of Successful Entrepreneurs underlines that your passion is one of the factors that can fuel your success. The article even stated that despite being aware of the risks in launching a business, entrepreneurs still push through with their own ideas because they believe that their passion is worth pursuing. Similarly, you can discover a potential business idea and find the drive to launch it if you’re going after your passion.
These four strategies can help you find promising business ideas for the upcoming 2022 What's Your Pitch: Innovations Competition. Look into the concerns of your target market, analyze industry trends, apply business models to other industries, and find inspiration from your passion so that you can create products or services that stand out.
Post solely for the use of uspaacc.com By Alma Robinette