Innovation for us simply means: New business creation.
Why companies should be interested in innovation
All commercial organizations are interested in increasing profits and there are 2 broad ways this can be achieved:
i.e. cutting costs, raising prices and by maximizing market share i.e. selling more of an existing product or service. All companies attempt to do this. However, there is a necessary limitation to how far this approach can be successful. For example, a company can only raise its prices so far before the competition gets the better of them. Additionally, it can only cut costs so far before it damages or endangers the future of the company. Also there will be a limit to the sales potential of an unchanging product or service when faced with dynamic, competitive market conditions. Thus, if a business wants to continue to increase its profits it must go beyond rationalization and engage in innovation, in order to generate new income streams.
As defined above, is the second main business strategy to increase profits. If engaged in successfully, it can allow business expansion and continued profitable growth. However, a key problem is that small companies do not think the approach applies to them and they have not been coached in simple, easy to implement techniques that can give them some chance of success.
Thus innovation, defined as new business creation, is something both desirable and doable by all businesses.
Our approach postulates that we can coach business managers in the management of innovation and improve both the creativity of the management team and their ability to cooperate to get things done. We achieve this by running a series of interlocking workshops that trains the team in idea generation, idea assessment and cost effective idea commercialisation.