Pankaj Deshpande

Innovation in business is defined as the implementation and development of new procedures, products, services, and ideas with the objective of boosting the company's conversion rate or brand value. Innovation acts as a crucial role in driving economic growth for businesses. As we all see, the advent of Netflix came as a small-scale business, and now its market value stands at $32.9 billion. It will happen not only with the advent of something new but getting it out into the market also proves profitable. Here are different Types of Innovation in Business Types of Innovation in Business  Disruptive Innovation:  Disruptive innovation refers to that a concept, services, or products that build a fresh and creative value network, no matter in a new or well-established market. Clayton Christensen is a famous business consultant, academic, and professor behind this incredible Disruptive Innovation concept. This type of innovation gives more power to turn non-customers into customers...

With the rising competition, many entrepreneurs have started discussing innovation. But what is the meaning of innovation, and why is it important for entrepreneurs? So, innovation is basically the replacement or improvement of something. Innovation is the particular instrument of entrepreneurs with the help of which an individual exploits the changes as a chance for a different business. An Innovative Entrepreneur is one who has the ability to tackle to produce innovative products to meet the market's demands and trends. Innovation in Entrepreneur plays a role in many ways like in:  Creative Development Innovation enhances the nature, creativity, and design thinking process of a brand. A new business can attain the height of success by learning the steps of creativeness. Innovation in Entrepreneurship can open the doors of various opportunities by helping the business to keep up with the current trends.  Persistent Improvement Innovation gives organizational durability when ...

According to McKinsley Global Innovation Survey, 84 percent of the executives have already understood that innovation is one of the most important growth strategies. These statistics highlight how important innovations like product innovation, creative innovation is in a company. Technological innovation could be defined as innovation in which technological characteristics of a new or improved product differentiate from that of the other product significantly. Thus, developing a product innovation and technology strategy for your business is quite an important task. Even though technological innovation could be observed in various products around us, here are a few technological innovation examples that have significantly made an impact on the business:  Artificial Intelligence This is one of the technological innovation examples that has made a potential impact on the business. Artificial intelligence could be defined as the invention of machines with programming like that of a h...

Creative innovation is a technique of turning new ideas into commercial success. A recent Lab2 innovation survey revealed that 84% of respondents believe that it is remarkably important that the company they trade from is innovative. Hence, it's essential to be innovative to satisfy customers and adapt to external challenges quickly. Therefore, we have mentioned some strategies that businesses can opt to bring innovation culture in their workplace -  Be curious and gather more information Market chiefs can't act as market leaders unless curiosity to learn and gather new information is not their thing. A leader must keep his eyes open to identify current market trends, spot new opportunities, be aware of their competitor's Strategies. Having a good archive, interaction with partners in workshops and seminars, conferences, trade meetings, etc., will keep the company up to date.  Recognize innovation opportunities Acknowledging why a product is not doing well in the market an...

Design Thinking Process is defined as a procedure for resolving troubles by primarily focusing on customer needs and satisfaction. It is a human-centric process to innovation which was originated from the designer's toolkit. The prime purpose of the design thinking process is to allow organizations to develop long-lasting value for end-consumers and employers.   Design thinking is useful in any such complicated system because it deals with complicated problems to define and helps solve by concentrating on human needs. For example, with the assistance of design thinking and a user-centric approach, Uber eliminates all simpler troubles that most of the customers face in the past.  Therefore, we have enumerated some key ways to use design thinking for accelerating the business process.   Build a Roadmap to the future.  Every business face disruption in the present-day technological era. Therefore, one has to keep a sharp eye on future activities and take sign...

HR, as the manager of the workforce in the company, has a big responsibility to manage. Therefore, to keep up with the changing time, it is essential to upgrade the game with HR innovation for implementing amazing and innovative ideas, new ways, and efficient technologies to meet the organization's upcoming requirements. It's about anticipating future requirements and circumstances instead of simply finding a response to a current changing situation.  From hiring the new and best employees efficiently, keeping them on the job enthusiastically, training them strategically for various purposes, and engaging all the hired employees thoughtfully, there are too many opportunities to stand out with creative HR innovation .  Therefore, to help you with it, we have covered some fresh, innovative ideas - Want to Keep your best employees? Offer Them Cash to Quit.  If you want to keep your best employees, use the 'offer them cash to quit.' When it comes to hiring and firing, there...

 "If opportunity doesn't knock your door, build a door," Milton Berle quoted as the most inspirational line for all the entrepreneurs. This line inspired many people around the world, and people started arriving with various innovative business ideas . A good team and a good experience can help one to make their door open to new opportunities.  Introducing a new idea to the world and making it work is a challenging task for a new entrepreneur. This is because newbie entrepreneurs are unaware of all the managerial, legal, commercial, and other features of the business. Starting a new business with proper guidance plays a vital role in making the new business work. Here are the top 6 business ideas for newbie entrepreneurs.  Advertising: To make a business idea work, advertising plays an important role. Opening an Advertising agency doesn't require much investment, and the right advertisement agency proves a success for many business organizations. Advertising Agency wo...