Hey, dear entrepreneur! Today, at our biweekly meeting, we embark on a mission to unravel the mysteries surrounding the term “innovation” in business. Although it is a popular word, it is often misunderstood or can even be intimidating.
What the heck is innovation and its role in business?
The Community Innovation Survey (CIS), conducted by the European Union, defines innovation as the strategic implementation of fresh ideas and novel methods where they have not been used before. You might think that innovation is a concept reserved for large corporations or brilliant minds, but nothing could be further from the truth. Although it may seem like everything has already been invented, innovation can emerge from the most unexpected places.
The example of Wheelys Café
Consider Wheelys Café, a Swedish startup founded in 2015. Imagine a bicycle that, in addition to selling coffee, is a rolling coffee shop equipped with WiFi, offering a streamlined “grab and go” experience through an online platform. Despite regulatory obstacles in Europe, the company found its place in other countries, demonstrating that innovation knows no borders.
The opportunity is there
Dear entrepreneur, can you see that innovative trait in your business? Maybe at a tamale cart or at the basket taco sale? Innovation is not something far away; It is an open path full of creativity and discoveries.
Let me offer you 5 strategies to light the spark of innovation
- Inspiration: Go out and look for inspiration. Study your competitors, explore other industries and you will be surprised.
- Active listening: Beyond listening to your customers, understand their needs.
- Experimentation: Don’t be afraid to try and fail. Every failure makes you stronger.
- Redefinition: Think of your business not just as a product but as a solution.
- Courage: Challenge what is established and face failures with courage. Everything happens and nothing happens.
So, I invite you to reflect. Every business, regardless of its size, is fertile ground for innovation. How can you infuse innovation into a traditional business? The beauty of innovation is that it knows no limits.
20-week plan to inject innovation into your business
I present to you a 20-week action plan based on the strategies mentioned above. Each phase is essential to inject innovation into your SME.
Inspiration Phase (Weeks 1-4)
Objective: Let creative and viable ideas flow.
Actions:
- Weekly Brainstorming Sessions: Boost creativity with organized sessions, with the participation of members of your team and/or clients.
- Competition Study: Take time to analyze your competitors and other industries, detecting trends and novel approaches.
Active Listening Phase (Weeks 5-8)
Objective: Understand the needs and desires of clients.
Actions:
- Customer Surveys: Apply periodic surveys and use analytical tools to interpret the data.
- Focus groups: Organize monthly meetings to learn the perceptions and opinions of your clients.
Experimentation Phase (Weeks 9-12)
Aim: Test your ideas in a controlled environment to assess their feasibility.
Actions:
- Rapid Prototyping: Design and evaluate prototypes of the chosen ideas, modifying them according to the results. A prototype can be a new flavor or dish, it does not necessarily have to be related to technology.
- Analysis of results: Carry out weekly reviews to assess the results and make any required corrections.
Redefinition Phase (Weeks 13-16)
Objective: Refine and perfect innovations for large-scale deployment.
Actions:
- Innovation Workshops: Coordinate sessions to improve ideas based on the information collected.
- Market Tests: Introduce the innovations to a small sample of your market to gauge customer response.
Courage Phase (From Week 17)
Objective: Introduce innovations to the market in its entirety with safety and preparation.
Actions:
- Introduction Strategy: Develop a comprehensive plan to bring innovations to market.
- Permanent Evaluation: Use tools to monitor and adapt innovations based on market reaction.
Assessment and Correction Tools
Aim: Ensure that each review helps us improve our product or service, as well as our innovation.
Actions:
- Key Performance Indicators (KPIs): Define clear KPIs to measure the impact of each innovation. For example, increase in sales, customer comments on your store or social networks.
- Constant Reviews: Schedule periodic evaluations to measure KPIs and make appropriate corrections.
Remember: Innovation is a continuous process. Patience, perseverance and adaptability will be your best allies. Each stage of the plan can be reviewed and improved.
I can’t wait to see how your SME transforms!
Leslie Alfredsson Leslie Alfredsson is a Swedish-Mexican serial entrepreneur, known for founding Fearless Founders, an initiative that seeks to democratize the world of entrepreneurship. She has been recognized with multiple awards in the global startup ecosystem, which supports her dedication and excellence in the field of innovation. Leslie has gained renown not only for being nominated for Inventor of the Year in Sweden but also for her victories in prominent innovation competitions. In her role as an innovation coach, she works at prestigious Swedish universities and a Deep Tech incubator in Denmark, belonging to a world-renowned corporation. Her passion and skills merge to make her an inspiration and guide to the next generation of entrepreneurial leaders.