Innovation in startups
In the series of tips that since Intelectium we are giving entrepreneurs, the notion of innovation is always present in all information capsules. Ultimately, entrepreneurship is, above all, innovation. The entrepreneur is dedicated to innovating.Through this video, Patrick Hunt, CEO of Intelectium, will explain how an entrepreneur can define what activity of his business can be especially innovative or disruptive.
We all know that to be more successful, we must innovate where the need is most acute. However, to find that need we must take some steps and the best thing to start with is to search systematically. We can say that in one area of a business there is a need to innovate if three conditions are met: 1. Consumers are carrying out an activity but They don't have good enough tools to do it. Existing tools fail to facilitate or simplify this task.2. The activity is being carried out by a large number of people, in different countries, and in a similar way.3. There is a specific activity within that general activity that generates a high degree of dissatisfaction on users when using tools that already exist. In addition, that specific activity or task is critical to carrying out the general activity. The entrepreneur, through systematic search, must be able to find an activity that many people are carrying out, but in which there are no good tools for its execution. This is the hardest part of the whole process. In fact, one of the most common mistakes made by entrepreneurs is to develop novel, efficient and effective solutions for tasks that very few people do: they are still solutions in search of problems. Once this activity has been identified, it must be studied thoroughly and divided into specific tasks. Then, a relatively small sample of people who carry out this activity will be interviewed, and will be carefully analyzed what their degree of satisfaction with tools that already exist in the market to carry out each of these tasks. The most critical task and with the highest rate of dissatisfaction will be the one to which the entrepreneur must dedicate more time, imagination and resources to design a better solution to all existing ones. This, without a doubt, is the way to create solutions to problems that need to be solved and that are relevant in a given consumer sector. And for us it is the definition of innovation in its purest state, innovating to solve a great need that is not satisfied with the tools created and designed to date. More: Investing in R&D is not the same as innovatingWho is the entrepreneur that investors like the most?
