Many start-up businesses showcase innovation when they try to turn the current market upside down and take share quickly which is known as disruptive innovation. There are three other types of innovation that exist: breakthrough innovation, basic research and sustaining innovation.
The Consumer Electronics Show is a great way to see what is trending right now and what could be trending in the future. Sustaining innovation is when products and services are updated within the consumers and businesses understanding of the latest technology trends or improvements amongst these products/services. Artificial intelligence and machine learning is a current trend that more businesses will start to incorporate into their way of work.
Denis Barrier, Co-Founder of global VC fund Cathay Innovation, suggests that the two industries that are most susceptible to disruptive innovation are the healthcare and finance industries. This is due to the presence of artificial intelligence being bought into these fields. In the decision process of which innovator, you want to be, it is important to know your own skills and abilities first. Taking risks is part of the process and being able to bring new concepts to the floor will assist in creating innovation. With breakthrough innovation it can take a lot of work and marketing to make it successful therefore make sure you are able to sustain it before following through with your decision.
Do your research first if you have an idea that you believe will be successful, create a budget to market and develop the product so you are aware of what you are getting into and you have a plan in motion. Being aware of the best methods to raise capital efficiently is important if you want to build a big brand in a short amount of time. However, if your idea is a product or service that people will buy into the market, you need to create a plan that you can follow regardless of the market variables existing already and the need for investment.
Chief Marketing Officer at Publicis Sapient