On our preceding blogs, we stressed that innovation is one of the key elements contributing to the success of your startup. But what does innovation exactly mean? Before we go any further, let’s see how the Oxford English Dictionary defines the term: “The introduction of new things, ideas, or ways of doing something.” This definition is simple, concise, and clear but innovation in startups is something more specific. On this blog, we will briefly talk about the role of innovation in the success of startups and the way it is often defined in startup ecosystems.
An integral part of startups and entrepreneurship is innovation. To be exact, a startup which is void of innovation is in a majority of cases doomed to failure. To boom and succeed in the market, your startup is to come with differentiating ideas. To achieve this, the founder of the startup is expected to introduce new services, products, or processes. This, in turn, will significantly improve your startup leading eventually to its success. In a broad sense, innovation is believed to be nations, companies, individuals’ ability to generate different ideas that can add value to the society, governments, and market. If you want your startup to succeed, you should develop ideas that can create positive impacts on people’s lives. Relying simply on the potential of your business to generate income won’t bring you success.
Given the above, the innovation associated with startups is meant to improve productivity, efficiency, and business performance. Once achieved, these features can impact people’s lives positively. However, you need to bear in mind that your startup can generate this favourable impact only through the kind of:
- products it launches
- technology it uses
- processes it goes through
- services it offers
- interaction it has with the market
- management it goes through
There are experts who believe that a startup can truly be considered innovative as long as it can “achieve the impossible, cannibalise itself, create new business models, develop a sustainable competitive advantage, turn weakness into strength, move ahead of the curve, be adaptable to a rapidly changing market, defy the odds through its structure and budget, prefer old ideas to trying new ones, have a vibrant company culture” and finally “people would miss it if were gone.
Note: We are here at Bay&Co to help you start or bring your business to Canada. Either it is a startup or mature business, we can help you with your transition and growth in Canada throughout the entire process. If you need assistance, please do not hesitate to contact us.