INNOVATE TO BE MORE COMPETITIVE

Accelerate your business with these expert tips on "Innovate to be more competitive". Analyse and discover this TIP!

Innovation can be an important source of competitive advantage for a new company.

 Here are a few tips on how to find these competitive advantages (+) using innovation:

1. Identify market needs: Innovation is most effective when it focuses on unmet market needs. Conduct market observations to identify the problems your customers face and look for innovative solutions to solve them.
2. Observe competitors: analyse your competitors' products and services to identify areas where you can innovate. Think of ways to improve on what your competitors offer or areas where you can offer something completely different.
3. Experimenting with new technologies: new technologies can provide opportunities for innovation (+). Stay on top of technology trends and experiment with new tools and techniques to create innovative solutions. 
4. Encourage creativity: innovation requires creativity. Create a work environment that encourages creativity and experimentation. Encourage your employees to come up with innovative ideas and offer incentives to encourage innovation.
5. Collaborate with other companies: Collaboration with other companies can provide new ideas and opportunities for innovation. Find partners who share your values and vision and work with them to develop innovative solutions.

When using innovation to find competitive advantages, it is important to keep in mind that innovation is not a one-size-fits-all solution to all problems. Every company is different and must find its own way to innovate. The key is to be creative, think outside the box and be willing to experiment and take risks.

Tips for an entrepreneur to use innovation as a source of opportunities in their new business

HERE ARE SOME TIPS THAT ENTREPRENEURS CAN FOLLOW TO USE INNOVATION AS A SOURCE OF OPPORTUNITIES IN THEIR NEW BUSINESS:

1. Identify unmet needs: Innovation focuses on finding creative solutions to real problems, so it is important for an entrepreneur to identify the unmet needs of his or her target audience.
2. Fostering a culture of innovation: an entrepreneur must create a culture where innovation is encouraged and all team members are encouraged to contribute new ideas.
3. Establish strategic alliances: Innovation often comes from collaboration with other companies, start-ups or even competitors.
4. Use new technologies: Technology is a constant source of innovation. An entrepreneur must keep up with the latest trends and use new technologies to improve his or her product or service offering.
5. Experiment and adapt quickly: innovation requires experimentation and adaptation. An entrepreneur must be willing to try new ideas and be agile to change course if a strategy does not work.
6. Seek constant feedback: An entrepreneur should be open to feedback from customers, partners, suppliers and employees. This will help them identify opportunities for improvement and find new ways to innovate.
7. Learning from competition: An entrepreneur should always be aware of what his competitors are doing. This can help you find opportunities for innovation and stay ahead in an increasingly competitive market.

In short, innovation is a constant source of opportunity for any company. An entrepreneur who focuses on innovation and finding new ways to add value to their product or service offering will be in a privileged position to stand out in their market and gain a competitive advantage. Being too innovative in your product can lead to customers not buying from you, so you need to know how to innovate to be more competitive. Innovation is necessary when we want to apply for public funding.is a requirement for access to funding. We can innovate in the product (new features), or in each of the 9 areas of your business model (look at your Canvas canvas), innovate in the delivery process, in each of the 9 areas of your business model (look at your Canvas canvas), innovate in the delivery process, in each of the key activities (+)in the way of relating to the customer, or in a new channel (+) to reach the customer, a new customer segment (+)...

Practical exerciseexplain your product or service to a group of people and ask them to use their creativity and imagination to bring innovation to it. Do the same for each part of your CANVAS. Explain which key activities you are going to apply and listen. Explain your value proposition (+) and listen... Don't criticise or curb the imagination of any participant, admit the nonsense, the craziness, everything... practise the active listening. Avoid the syndrome (+) of the entrepreneur who "only hears the good things".

The degree of innovation of your project determines your funding. The disruptive innovation (+) It scares the banks, it pleases the administration and investors don't like it because the first one doesn't give two wins in the business world. The more innovation your project has, the more uncertainty you generate. and, therefore, more need to apply the Lean Startup (+) in the creation of your new company. The design thinking (+) can help you find innovation.

The technology is a good source of innovation (+) especially for very traditional businesses that need to differentiate themselves from the competition. Look for competitions in your sector where you can practise the open innovation (+) with large companies, industry experts and other startups providing innovative solutions, etc. In this link you will find the vertical acceleration programmes (+) we organise in each sector.