Business and Management

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Stand Out from Competition

Each and every business fits inside a specific niche or industry and is far from alone. The right
innovation allow offering something unique to customers. Despite the rivalry, the company will
prosper if you innovate. If your company is focused on a product or service that has proved to be
successful, you must not abandon it. Getting too comfortable with your company will cause it to
stagnate, and it will severely impede its development. As a result, you should always aspire to be
creative and introduce something new to the market. It's important to note that creativity isn't
limited to products, you can also be creative in the way you offer your service and provide
customer service. It is the presence of innovation that distinguishes the entrepreneur from others.
Innovation, must therefore, increase competitiveness through efforts aimed at the rejuvenation,
renewal, and redefinition of organizations. (Okpara, 2007)

Meeting Customers Need

To grow and prosper, most enterprises need to constantly improve their existing products and
services through continuously innovating needed changes: and for survival of the enterprise,
must also need to create new products and services to meet yet unfulfilled needs. (Okpara, 2007).
The needs of customers are continually changing. Your customers can need exactly what you
have to offer one day and something completely different the next. Innovators foresee market
shifts and have solutions before people know they need them. You won't be able to satisfy your
customers' expectations in the long run unless you're willing to innovate.

Attract the Best Talent

Talented, forward-thinking individuals want to work for forward-thinking businesses. You won't
be able to recruit anyone who can produce the next big thing unless your organization has a track
record of doing so. Innovators want to be pushed and motivated to build on a regular basis, so
you'll need an innovative community to attract them. Being innovative make a name for your
company and innovators from all over will want to work with you. You will experience more
growth and your company will reach an entirely new level. Innovation helps attract and retain
talents and achieve maximized outcomes. (Al-Abbasi & Masri, 2020).

Grow in Leaps and Bounds

In the late 1990s, two large firms were growing by leaps and bounds, driven by the boom in
fibre-optic communications. They were Corning Grass, which manufactured fibre-optic cable,
Nortel Networks, which produced the boxes at each end of the cable to convert the light signal
into an electric signal. Then came the crash of 2000; overnight, both firms’ sales plummeted, and
their share prices plunged from over $100 to about $1. This happened because they lacked
direction and innovative strategy. The result was a renewed innovation strategy and a three-
pronged strategy attack that called for the company to grow current business via product-line
extensions, exploiting markets adjacencies, and create totally new opportunities. By 2008’ major
innovations had been realized in each of Corning’s businesses, including the creation of four new
business platform and exploitation of three major markets adjacencies.(Cooper & Edgett, 2010).
Thus an innovation strategy is an essential tool for product development and continued growth
even in difficult times.

References
Okpara, F. O. (2007). The value of creativity and innovation in entrepreneurship. Journal of Asi
entrepreneurship and sustainability, 3(2), 1.
Al-Abbasi, S., & Masri, H. (2020). Optimizing faculty talents through identifying entrepreneurial
champions: an ELECTRE IV approach. Management Decision.
Cooper, R. G., & Edgett, S. J. (2010). Developing a product innovation and technology strategy
for your business. Research-Technology Management, 53(3), 33-40.