11 Sept 2020
How can startups reacquire the lost traction through the path of innovation

    The economy of the world is facing a multi-faceted challenge where startups can transform the world and make it a better place altogether. There is no way of predicting the future until and unless the person is a part of shaping it. Startups should realise that they currently need to analyse their customer base in-depth and provide services to them accordingly.

    Innovation is currently the only path where startups can witness the growth and the silver lining that is generated as a consequence of it in the form of innovations will generate more opportunities. With the world changing with wider strides, the time is ripe for startups to think outside the box and engage themselves with innovative solutions that can reshape their business model and give the entire framework a much-needed stimulus.

    The domination of the online realm

    Online models are slated to gradually take over the global transportation system by enabling a seamless and swift mobility network system. Carefully planned online interaction between both the seller and consumer realms saves time and is a much effective mode of enhancing the agility of the current work-from-home structure. Digitisation is gradually paving the way future businesses are going to be conducted by making the entire business model and its offerings to the customer base- be it goods or services, more scalable. Although there’s an added cost required to digitise various business processes and to set up an infrastructure where operations can be run without a hitch, there is a high return on investment involved in the use of technology in running business processes.

    Scaling markets and establishing an international footprint

    An innovation which is not accepted widely by the global consumer market is practically unviable, no matter how much it proves to be effective in smaller market circles. Creativity for a wider community will lead to a greater generation of new market segments and it leads to greater rate of collaborations. Innovation should be beyond language, culture or mindsets of the companies and should be thought of on a global scale. It should be done irrespective of the differences that might arise and should completely focus on the basic needs and services required by a consumer. Startups need to constantly innovate to boost their service which they have been rendering till date.

    Implementation of cutting-edge technology

    Innovation for the world should not be just based on product satisfaction but the focus should also be kept on customer satisfaction. Innovation and implementation of newer technology facilities should not serve as an endpoint to satisfy technological fantasies but to consider ever adversity that might appear in the way as an opportunity. The current work model is solely dependent on technology. Use of technology like cloud, ML and IoT serve as a saviour to overcome the extra cost required in the process of digitising the entire business structure to run operations. Development of a legible size of products is essential so that it can be assessed in the market and further works as a prototype based on which can be further enhanced to handle risk management.

    One should place complete faith in the ability of technology to make the world better.

    Innovative promotional and marketing strategy

    Advertising a product by a company has moved by leaps and bounds from advertising in pages to insight-derived direct interaction with the consumer base. Startups must concentrate on interacting with the customer base actively and derive insights with the help of technology to deduce customer behavioural patterns. Innovation in the field of advertisement and marketing will be able to bridge the gap between growth in business and the needs and demands of the customer base with the use of an omnichannel strategy. Startups need to absorb the fact that hyperactive and intimate interaction with the consumers will be the future when it comes to marketing and brand-building in a sector.

    Encouraging bright ideas and implementation

    Studies say that only 10 per cent of ideas born in human brains die because of fear of the wrong implementation or sometimes, no implementation of it at all. Instead of being protective and fearful of an idea, establishments should encourage sharing and free flow of idea to get a better perspective and reach decisive conclusions. The best advances in business are facilitated only when the best ideas are accumulated and brought together on a common platform. This is the new version of how work is done in a growing establishment.

    Finding the right time for innovation

    Ideas are not the only important thing for comprehensive success. What matters the most is when the implementation is timed. Innovating and thinking freshly about what ideas can be enforced next is the call of the hour. A leader should constantly contemplate about the timing of the idea and whether it is viable in the current market situation.