| Businesses of all sizes and in all industries can use | | | | business, or allow you to grow into a new market. |
| innovation to increase revenue, reduce expenses and | | | | Identify unmet needs in your market, review customer |
| create a competitive advantage in the marketplace. | | | | suggestions and analyze customer complaints as |
| Although there are many types of innovations, here | | | | starting points for brainstorming new products or |
| are several fundamental categories of innovative | | | | services. Also, look for ways to adapt your current |
| ideas. | | | | products and services for use in another market, |
| Improve an Existing Product or Service - Look at your | | | | which opens up a new group of potential customers. |
| existing products and services - find ways to modify | | | | Share your Existing Features - Many products or |
| existing products, improve efficiency, enhance product | | | | services include features that can benefit businesses in |
| operation, or add new features that will increase | | | | other industries. Many companies have identified |
| demand for your products or services. A new | | | | innovative ideas within their business and found ways |
| "feature" can be the addition of a new function, or a | | | | to create new revenue streams by sharing those |
| simplification of something (such as a simpler user | | | | innovations with other companies (not necessarily their |
| interface). A new feature does not need to make your | | | | competitors). You may have an internal procedure or a |
| product or service more complicated. Ask people | | | | manufacturing process that can benefit companies in |
| (such as other employees and customers) to | | | | other industries. Consider licensing "know how" and |
| complete the statement "Our product would be | | | | other innovations to other companies to create an |
| amazing if it could...." Take those "seeds" and look for | | | | additional revenue stream. Of course, you must be |
| ways to implement one or more of those ideas. Focus | | | | careful how you share your innovations and which |
| on new product features that will create a "buzz" in | | | | companies you license. |
| your industry, which increases sales and expands your | | | | Pick at least one of these strategies and get started |
| customer base. | | | | identifying innovations today. Encourage participation by |
| Create Something New - Give thought to new | | | | other people in your company - you will be surprised |
| products or services that can expand your existing | | | | by the number of creative ideas you can generate. |