Innovation is a new product or service developed through the implementation of new ideas or concepts. We are surrounded by innovations, such as the constant advancement of technologies we see in our daily lives. Innovations plays a crucial role in a business as it helps in their refinement and makes them stand out. Business executives worldwide believe that 40% of innovations have impacted their business positively in the last five years. That’s why companies demand more and more innovative minds to overcome future challenges. Also, innovations can help drive the business or entrepreneurship to a new level. Here are some major reasons why innovations plays a crucial role in a company.

Reasons why innovation is important for a company

• Consistency: Innovative approach can help improve and grow the business constantly. This can also help in maintaining stability and smooth functioning during instances like re-branding, re-packaging, etc.

• Creates unique selling points: USPs add value and uniqueness to your product that eventually draws more and more audience. Usually, customers are willing to pay for something new and better.

• Creative development: Innovations needs creative qualities which help think you out of the box. Thus, it enhances your creativity which can open many doors to new opportunities.

• Responding to competitors: Innovative ideas can fulfil the need of the hour, keeping you ahead of competitors.

5 ways to bring innovations in your company

• Communicate: Yes, talk and imbibe your employees with a reason to care. Conduct meetings and group decisions to ensure your employees are well-acknowledged of your firm’s strategies and goals.

• Emphasise innovation: Stress the importance of innovations and how it affects your company. This encourages creative thinking and generates a flow of new ideas.

• Brainstorming sessions: Keep a dedicated schedule for generating ideas and creativity through workshops, a team day out, etc. A team effort in brainstorming sessions proves to be effective.

• Support & reward: Respond enthusiastically and support all possible ideas by giving equal chances to everyone. Motivate individuals or teams who succeed in coming up with great ideas by rewarding their innovations, such as an awards scheme!

• Make the ideas work: About 84% of executives agree that innovations is important for growth, but only 6% are satisfied with innovations performance. Thus, innovations is worthwhile only if you implement the ideas with the correct strategy and tools. By failing to do so, the whole concept of ideas and creativity might seem pointless.

How will MIT ID Innovation help entrepreneurs to stimulate innovation at the workplace?

Successful innovations cannot be achieved overnight. A whopping 54% of innovating companies struggle to bridge the gap between innovation strategy and business strategy. Therefore, you must implement adequate knowledge and systematic patterns to encourage innovations without muddling the business strategy itself. Thankfully, MIT ID Innovation is here to help you with the right innovation strategies, especially for the young entrepreneurs who dream big. Our unique flagship programme and various online programmes are well-designed to stimulate the innovator in you.

• MIT ID Innovation Programme: This is a 1-year post-graduate innovation course that is a perfect amalgamation of business, design, technology, and humanities. We will provide you with industry collaborations and the best career guidance for lifelong professional support. Field trips, boot camps, workshops, Lab sessions, internships, and live projects provide you with the best hands-on experience of creativity and innovation.

• MIT ID Online Courses: You can also choose among our various online courses, which are co-crafted with industry professionals who understand and implement the change. With over 11 distinctive innovation courses, we have more of them coming up soon!

Choose MIT ID Innovation to experience global quality education in India. Enroll for innovation courses today to accomplish your entrepreneurship goals.

Reference Links:

• https://lisacaprelli.com/7-reasons-innovation-is-important/

• https://smallbiztrends.com/2016/06/promote-innovation-in-a-team-environment.html

• https://www.braineet.com/blog/encouraging-workplace-innovation/