Product Innovation entails developing new products or improving existing ones to expand their applications. This innovation can come in the form of new technology or in the functioning of the product itself. Some of the best product innovation examples are Samsung and Apple.
Product Innovation Examples
Here are a few examples of product innovators who shine best in the business world.
1. Samsung - Diverse Types of Collaboration
Samsung has been named one of the most innovative large corporations in the world, despite the fact that it has been linked to multiple plagiarism convictions.
Partnerships generally aim to add new features or connections to Samsung's existing products. These ventures not only generate cash in the event of exits, but they also give Samsung access to new technologies that it may study and benefit from. Samsung, as a product innovation example, has invested in Mobeam, a mobile payment startup.
Samsung hopes to profit from the wide range of technologies that smaller businesses have previously developed by cooperating with them. These companies frequently have products that complement or integrate Samsung's own, providing value to both parties.
The critical takeaway from the Samsung case is that different types of firms give different opportunities at different times of their lives. You should identify them and determine which strategies are best suited to the various kinds of possibilities.
2. Lego - Creating New Products based on Community Ideas
Another example of how involving your consumers adds value is Lego. Lego uses its Create and Share site and the Lego Ideas site to engage its users. The Create and Share site allows Lego fans to share their creations and Lego photos, while the Ideas site focuses on new product releases.
If you sell products directly to customers, try to engage them in helping you design products that meet their needs.
When people connect and tell you what they'd want to see on store shelves, you're likely to have ready demand and can save money on market research.
Making their voices known can help them develop a loyal following. Just make sure you can implement some of the most popular ideas and communicate effectively enough for your customers to feel like they made a difference.
It's worth noting that the same user activation strategy could not function as well in other situations, such as B2B setups with a smaller customer base.
3. Mozilla - Motivating the Community
Open source development is something that is rarely associated with open innovation. The goal of open source software development is usually to provide free products to which anybody can contribute.
Mozilla is an excellent example of open-source software development in this manner. The Firefox web browser, created by Mozilla's global community of coders and other experts, is their product. Mozilla has been in the vanguard of this type of product creation, and the work is done by Mozilla's community, which includes both volunteers and paid workers.
Volunteering at Mozilla is appealing because it provides a valuable learning opportunity, as well as the opportunity to be a part of a community and participate in Mozilla activities.
The value of cultivating a community is something we can learn from Mozilla. It's also worthwhile to learn from open source communities, as there are several examples of the benefits of open innovation communities.
Skilled individuals join Mozilla's communities to learn, gain experience, meet new people, contribute to the product, and possibly be recruited at some point in the future. They appear to have all of their community offerings in order.
The MIT ID Innovation is India's best-known institution for innovation-related courses. The institute was formed to foster the development of a new era of comprehensive innovators. The ultimate goal is to empower students to shine with the best innovative minds.