HOW MUCH INNOVATION DOES YOUR NEW COMPANY NEED?

Accelerate your business with these tips "How innovative does your start-up need to be? Analyse and discover this TIP!

DEGREE OF INNOVATION

• Low level: traditional business.
• Medium level: incremental innovation (+).
• Medium-high level: evolutionary innovation.
• High level: disruptive innovation (+).

Practical advice to an entrepreneur on how to analyse the degree of innovation needed for his or her new business:

1. Assess the need for innovation in your new venture in relation to your business model and sector. You can succeed with a traditional business as well as a disruptive one.
2. Identify trends and challenges in your market and how innovation can help solve them.
3. Consider the financial impact (economic viability see+)  and the technical feasibility of the innovation.
4. Analyse the competition (+) and evaluate their level of innovation, you have to find a competitive advantage (+)!
5. Get advice from experts in innovation and intellectual property. Take advantage of the speed mentoring (+) from acceleration programme (+). 
6. Assess your capacity and resources to carry out the innovation.
7. It considers the protection of intellectual property through patents (+) or other measures.
8. Establishes a detailed plan for the implementation and commercialisation of the innovation (+). Improve your action plan by sharing it with fellow programme participants, mentors, and webinar experts.

Innovation, "it never rains to everyone's liking". If your product or service innovation efforts are not perceived by your customer... you are wasting your money! In order for the government to give grants you have to demonstrate a high degree of innovation, but for a bank a high degree of innovation does not like or an investor likes innovation but that it brings competitive advantages to your project.

The degree of innovation needed by a new company can vary depending on a number of factors, such as the industry it is in, the target market, existing competition and the company's unique value proposition.

The following are some points to consider when determining the degree of innovation needed:

1. Market disruption: If the company aims to enter a highly competitive and saturated market, a higher degree of innovation may be required to stand out and differentiate itself from the competition. established competitors (see+ TIP).
2. Client needs: If the company is focused on meeting unmet customer needs or solving existing problems more efficiently, an innovative approach is likely to be required to offer unique solutions.
3. Emerging technology (see+): If the company operates in an industry where emerging technologies are rapidly changing the landscape, it is essential to stay current and adopt innovative technologies to remain competitive.
4. Unique business model (see+): If the company seeks to introduce a new business model or a disruptive way of operating in the market, it is likely that a high degree of innovation will be needed to successfully implement and execute that model. 
5. Ambition and vision: The degree of innovation can also be influenced by the ambition and vision of the entrepreneur or founding team. If an industry is to be completely transformed or radical change is sought, a highly innovative approach will be required.

In summary, the degree of innovation required for a new venture will depend on a number of factors, including the market, customer needs, emerging technologies, the business model and the entrepreneur's vision. It is important to carefully assess these aspects and determine the level of innovation required to achieve success in the target market.

SOME OF THE RISKS OF FAILING TO ACHIEVE THE DEGREE OF INNOVATION NECESSARY FOR A NEW VENTURE MAY INCLUDE:

1. Loss of competitiveness: If a company fails to innovate sufficiently compared to its competitors, it can fall behind in the market and lose customers and market share.
2. Stagnation and obsolescence: If a company does not innovate, it runs the risk of becoming stagnant in its products, services or processes, which can lead to obsolescence and being overtaken by more innovative companies.
3. Lack of differentiation: Innovation is key to standing out in a saturated market. If a company fails to innovate, it may struggle to differentiate itself from its competitors and capture the attention of customers.
4. Loss of growth opportunities: Lack of innovation can lead a company to miss opportunities for growth, such as entering new markets or creating new products and services that respond to changing customer needs.
5. Demotivation and loss of talent: If a company does not foster a culture of innovation and does not allow its employees to develop new ideas, it can experience widespread demotivation and lose key talent who seek more innovative environments.
6. Risk of disruption: In an ever-changing business environment, companies that fail to innovate risk being disrupted by new companies or disruptive technologies that offer more advanced and attractive solutions for customers.
7. Loss of relevance and reputation: Lack of innovation can lead to a company being perceived as outdated or irrelevant in the marketplace, which can negatively affect its reputation and customer confidence.

It is important that companies understand the risks of not achieving the necessary degree of innovation and strive to foster a culture of innovation, establish research and development strategies, and be open to new ideas and approaches in their quest for excellence and competitiveness in the marketplace.

LA ARTIFICIAL INTELLIGENCE (SEE+ TIP) CAN HELP DETERMINE THE DEGREE OF INNOVATION A COMPANY NEEDS IN A NUMBER OF WAYS:

1. Strategic advice: You can pitch your business goals and vision to artificial intelligence, and it can provide you with recommendations and insights on the level of innovation needed to achieve those goals. You can get ideas on how to approach innovation in your specific industry and how to adapt to emerging trends.
2. Market analysis: You can provide information about your industry and target market to artificial intelligence, and it can help you assess the degree of innovation taking place in your sector. It can also provide you with information about changing customer needs and opportunities to stand out through innovation.
3. Competence assessment: Artificial intelligence can help you analyse your competitors and their approach to innovation. It can provide you with information about the innovative strategies and practices used by other companies in your industry, which will help you assess the degree of innovation you need to stay competitive.
4. Identification of emerging technologies: Artificial intelligence can help you identify emerging technologies relevant to your industry. It can give you insights into current technology trends and how you can leverage those technologies to drive innovation in your business.
5. Generation of innovative ideas: Artificial intelligence can generate innovative ideas and concepts based on your specific requirements and needs. You can request ideas for innovative products, services, business models or marketing strategies that help you differentiate yourself in the market.

Remember that while artificial intelligence can provide valuable information and suggestions, it is always important to complement it with human expertise, conduct additional research and consult experts in your field to make informed decisions about how much innovation your company needs.