Innovation is a combination of being able to find the right idea at the right time. It’s this first instance of the idea itself that gets the most attention, as of course it would, but the timing is also worth considering. Should someone have a novel idea for a product that is already out there and developed, they have almost no means of monetizing said product from an original standpoint.
This is why it’s important to consider how you might find these opportunities as a firm. Rarely do firms only offer their product line or service range, they also diversify by investing in other areas. For example, Google are forever purchasing small tech startups just in case one of them develops something worthwhile that could revolutionize their brand.
This means that remaining on the lookout for business opportunities is not only a practical skill, but a very important fiscal need, and a great investment to make. But first you need to know what you’re looking for. If you can apply this in the best possible instance, you might just skyrocket your value.
Consider our advice to this end:
Industries That Mold
There are many industries out there, and some of them are more impactful than others, depending on what you yourself are involved in. It’s important to consider how these trends could influence your own production. For example, if a CPU manufacturer decides to release a new, industry-standard CPU processor for your computer with more cores and higher speeds, a movie studio will equip their editing suites with this to allow for faster renders and ultimately a more productive workflow.
However, new equipment isn’t the only definition of industries molding one another. For example, this Dronesvilla analysis competently showcases how drones are making an impact throughout very many industries, both in daily practice and in regulation. It might be that a convenience is found here that your business can exploit or move towards, or perhaps this can inspire a new direction and a new output for you to follow. It’s here that your firm that refine itself.
Trends That Set
It’s important to recognize that trends can both shape and sometimes strengthen an industry. It’s not worth diving into every single trend that you see, because some can come and go within a week. For example, somewhere out there a company has a larger stock of fidget spinners than they may wish for, as they had once thought this was the path to future riches. This is why it’s important to distinguish between passing trends and those that are an opportune moment to consider. For example, some smartphone apps started offering ‘digital wellbeing’ measures that allowed for users to tailor their time using said content, and this was curated as the conversations between smartphone use and mental health effects were starting to heat up. When you consider trends that set, you find potential opportunities.
Leaders That Inspire
It can be very important to consider the leaders that inspire you. From time to time, movers or shakers in an industry are led by profoundly engaging individuals, those that are willing to push the boat and try something new. It could be that via using their example, you are able to craft something new and unique, or take advantage of investment opportunities.
Consider someone such as Elon Musk, for example, someone both renovating the automotive and space industries. Say what you wish about his Twitter usage, but it’s not hard to see just how much impact the man is having on a range of industrial norms. It could be that you yourself also see the benefit of a humorous business approach to this end, or perhaps researching just how these measures are changing the industry and even contributing your own creative platform as an inspiration could help you rise to the limelight. Without the ability to research leaders that inspire, you’ll always be slightly less aware than you might have been.
Expectations That Rise
It’s important to consider how expectations that rise in your industry can become the conduit to position yourself as a ‘solution’. For example, the most commonly used measure here is for companies to pivot and to offer a ‘greener,’ more environmentally-conscious option than their peers. This not only allows for a business to apply themselves towards the betterment of their industry within this space, but it can also allow them a great marketing package.
With this advice, we hope you can find and utilize opportune moments effectively.