Pankaj Deshpande

If you want to keep up with the market pace, you need to learn to innovate at every step. Therefore, these business model innovation involves the use of new technologies, different processes, unique ideas, and futuristic products.  Digital transformation and Business innovation go hand in hand with the company's overall development and market value. Successful implementation of business innovation indicates higher profits, greater revenue, increased customer demand, and improved reputation in the market. Some of the examples of business innovation models are: Power by the hour business model of Rolls Royce. Sharing Economy model for Airbnb Therefore, to make it more clear and to highlight why Business Model Innovation is important, we have mentioned the following points -  Thrive in Competition:  Since the 21st century, monopoly is long gone. No business company or organization is having a monopoly over the market and trade. Instead, digital transformation has enabled the establis

In the wave of modernization, it becomes extremely important for a corporate company to move along with the wave of modernization. The process in which these companies implement innovative ideas into their existing innovation culture is called corporate innovation .  According to the Lab42 Innovation Survey, 84% of the survey respondents believe that they would prefer to buy from an innovative company. Thus, the workplace's design thinking process is extremely significant in an organization; thereby, highlighting the importance of corporate innovation.  For a better understanding of the importance of corporate innovation, we have enumerated the following points -   Sustain Growth: By adopting corporate innovation, a company could sustain its growth for a long time. According to the statistics from different sources, it has been concluded that an innovative organization offers standardized products over others in the industry.  If a company adopts a design thinking process that modi

According to a survey by PwC’s innovation benchmark, 61% of the respondents of the survey embraced open innovation for the generation of new ideas at the workplace. The statistics clearly underline the significance of innovation for employees ; afterall, employees are the true treasure of a company.  Innovation fuels the employees to be more competitive and increases their efficiency in the dynamic business environment. With efficient use of all resources and opening doors for innovation at the workplace boosts the employees' morale and design thinking process. Everyone likes a little innovation and challenge in their working regime. Thus, innovation in entrepreneurship gives each employee new challenges every day, thus keeping them engaged.  There are several ways to improve employee innovation. Some of these ways are:  Innovation culture must be encouraged. It is often said that not doing anything is way worse than trying and doing something wrong. In a company, such an environme

In today's world, "adapt or die" becomes a crucial approach for businesses' success. Therefore, innovation acts as a significant role in businesses as it helps in growth, keeps the business relevant, and helps businesses stand out with a unique personality.  An organization needs a multidisciplinary and holistic framework that allows businesses to employ a strategic approach to innovation. Strategic Innovation is the development of new product categories, business models, growth strategies, and services that completely change the game and bring new values of innovation in entrepreneurship, consumers, and customers. To help you with creating a successful Innovation framework, we have mentioned 6 key steps that will help you create an Innovation Framework -  Create a Scalable Platform for Success: An Innovation framework is a scalable and worldwide platform developed to tackle your employees' creative skills and talents by residing in alignment and your corporate a

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 but

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 you a

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 human