Most marketing professionals understand that insight into the hearts and minds of your customers is central to successful product innovation. But which customers? Who is going to buy my product first? What happens after that? How can I eventually grow my customer base to one billion people?
About ten years ago, four out of ten people in the world had a Nokia cell phone. We can only imagine how the CEO of Nokia ten years ago would have reacted if someone told him that in 2018 not one of us would have a Nokia.
The key to innovation success is simple---innovation is nothing without exploration and exploitation.
We’ve heard it time and time again – 90% of startups fail in the first five years of operating. Bad financial decisions, a poorly designed business model, a wrong product for the market, financial mismanagement, and bad timing are just some of the most commonly cited reasons why some businesses never manage to pass the five-year threshold.
Disaster recovery as a service (DRaaS) is a category of cloud computing designed to protect applications and data against natural and human disasters. It ensures that service disruption of a business is kept to a minimum by enabling a full recovery through the cloud. Most often it is handled by a third-party provider and managed by your internal IT personnel, removing some workload from your IT professionals and giving them peace of mind.
Starting up a small business can be rough. Even if you possess near-infinite entrepreneurial spirit, chances are that you’ll run into some roadblocks along the way. Whether these obstacles are based in logistics of strategy and implementation of your business model, or even issues with the very products and services you offer, most of these problems can be solved with financial influx.
On your path towards success, your business will encounter numerous bumps, however, some of these problems tend to hold your business more than others. Most of the time, the entrepreneurs behind these SMBs are first-timers, which means that they lack the necessary experience to recognize the gravity of the situation in the given moment.
The 97th Floor Mastermind Series recently interviewed IdeaScale about our company, our industry, our vision for the future and more, but we thought that one of their questions about what values we look out for when building a team are worth repeating here for those of you that are looking to build a culture of innovation at your company (whether it’s start-up sized like IdeaScale or not).
It hurts to fail. The feeling of defeat can make even the hardest of workers feel worthless. It’s hard to face the reality that your work or dreams won’t live up to your expectations, and giving up might seem like the next step. However, failure teaches important lessons, and though it seems contradictory, it can often lead to success. Failure gives you the necessary experience you need to improve, but more importantly, it teaches you to get back up.
Retailers all over the United States are filing for bankruptcy at unprecedented levels. This is, in part, due to the ways the global economy has evolved. Now, more than ever, retailers are turning to the internet for sales, and consumer habits have adapted. Bankruptcy is an alarming and confusing process whether you’re a CEO of a large corporation or an individual who is worried about the implications it might have on your credit score.
Everyone seems to agree that innovation is a risky business: it involves a lot of experimentation, which often ends up in failure. High tolerance for failure therefore can be considered as a major prerequisite for any successful innovation program.
As the examples of successful use of crowdsourcing to address complex technical, business and social issues grow in numbers, so do the instances of failed crowdsourcing campaigns. To make crowdsourcing a widely recognized idea-generating and problem-solving tool, it’s imperative to understand the reasons of why this tool can fail or underperform.
Here’s a spoiler: 90% of all startups fail. The 10% that make it have one thing in common - they all are bringing in innovation through sustainability. These startups are all about evolving by providing faster results with less wastage. It’s a never ending process of innovating for the present and future generations.
Innovation is risky. Customers are not asking for it. We are already successful… Getting momentum behind significant innovation is difficult, and sometimes it’s easier for a business to stay in what they deem a safe spot. Let’s look at seven arguments that inhibit innovation as well as their counter arguments.
Ambitious and impractical business schemes can often lack the fundamental elements needed to make them a reality, leaving huge expense and casualties of the blame game in their wake. The business world is littered with the remnants of unrealised programs and unsuccessful plans for development, several of them so high profile as to have attracted national notoriety.