Do you ever wish you could build something so great that people and the media would get just as excited as they do when Apple launches a new product?
Or, do you ever wish that (because of your innovation), your company would rise in value so fast that the world’s biggest social media network would buy it for $1 billion?
An innovation like that would change your life forever. It’s the dream of every entrepreneur.
While there is no formula for creating revolutionary products, there are some critical elements of innovation that will promote their development.
This simple guide will help.
1. You can plan innovation
You may not be able to plan a specific and predictable sort of innovation…but you can create a culture in which people put a high premium on innovation. That kind of culture starts at the top.
In their early days, Google allowed employees to spend 20 percent of their time on pet projects. That led to some DOA products like Buzz, but it also set the stage for some killer ideas like Gmail.
The founder of GE, Thomas Edison, created an atmosphere that valued innovation by:
- Encouraging collaboration
- Encouraging mistakes
- Demanding one major invention every six months and one small one every ten days
If you think about it, Steve Jobs did the same thing in his company, pushing his people to invent and then innovate products like the iPod, the iPhone and the iPad.
2. You don’t have to spend a lot of money
The beauty of information software is that everything is basically free. In the old days, a company would have needed tens of thousands of dollars just to get the software for their product. Now, with open source movement, cloud storage and a whole range of free sources, expenses are reduced drastically.