Friday, February 06, 2009

Being Innovative...

While thinking on topic for this post, innovation was the first thing that came to me... here goes my thought process for possible steps to be an innovative company in building products or services!

Research...
Spending good amount of time with people or institutes that do research could be one channel to give food for the brain to get out of the mundane, regular things & look outside the daily life. Is this easy to get hold of people in research to partner with them? No - but sufficient study or preparation and then approaching them to help with their research is a good way to go. Pick the area of interest - it could be anywhere from psychology to high technology, identify the top researchers or organization, make your top 3 or 5 people from that list to approach... then write or meet them with your offer to help or extension.


Patents...
There are several patents that have scope for minor modifications or enhancements & register them as a new patent or build products around them, again the starting point is same - know your area of interest, start digging all the registered patents in this domain (now Google has patent search service - http://www.google.com/patents) - study, understand, talk to the vendors or manufacturers of the products around the patent (there could be some that are not commercialized also) .... then build an add-on or modification to this patent. Enhanced version of proposed patent, could be registered again as patent to ensure that you are not authorized for this enhancement & would not face any legal issues. Now you have a good patent backed product to build, that can hopefully give you competitive advantage for a while or an entry into the market.

Imitative...
Imitative products or services is the top route taken by new ventures to enter into the market, some idea - that has succeeded in west, may not work in east - but people do not even look at their market or research before jumping in. In my opinion the success percentage for new ventures is less than 25% in imitative products or services & this seems like a reasonable percentage to give a try... backed with good amount of market research study & analysis. Again in this path - first consider the option of tie-up with original company or group that you are imitating from, if you think there can be a win-win for both the parties.

Think BIG & don't settle for just another idea or product... if you build a company, it should make a difference to the employees, community & people involved!

-Bhaskara

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