The Key To Spot The Business Ideas Worth Persuing - ToOLOwl
Wednesday , September 22 2021

Struggling to make a Technology Choice for your Small/Mid-Size Business?
ToOLOwl is here to help!

Home / Business / The Key To Spot The Business Ideas Worth Persuing

The Key To Spot The Business Ideas Worth Persuing

Innovation is one of the strongest drivers for the success of a business. A company that keeps thriving to stay updated in the market with the best of the technology surely succeeds.

Brenda Schmidt, the entrepreneur leadership network contributor shares some insights from the news startup Axios. She says that this company is an excellent example of the business that has broken all the barrios and that have thought outside of the box. The business is making a big bet for which the other companies will pay to learn how the Axios reports write content.

The new communication platform, AxiosHQ, was launched in the month of February and let the companies send newsletters written in the Axios style. These are as expensive as $10, 000 per year. The only thing that needs to be seen whether the executives are willing to pay for them and make investments for their business growth.

So what does it takes for the businesses to find, approve, or develop innovative ideas that are similar to the other businesses? The answer is not straight forward and varies from one business to another. Also, it takes a great deal to develop or change the business processes to implement that business innovation for the business.

Evaluating the Innovative Ideas

With the lack of evaluation of the innovative ideas, the programs might fall to live longer. They might also match the overall organizational goals. But it is also observed that having an organized process removes emotion from the overall decision-making process to keep the project focussed. It is also important that the business leaders are aligned with the new innovative concept. This should be a consistent process as the business shifts from one approach to another during the implementation of the innovative concept.

This also needs to find a technical solution that is flexible enough to manage the business and innovative ideas altogether. The entire team of the company also needs to come together right from the beginning of the process to discuss the priorities and convert the conversations about the ideas that outline the business vision along the way.

The innovative ideas can be evaluated and created a framework for through these three ways.

Creating an Innovation Blueprint

Before you start collecting ideas from your team, it is important that you first develop a blueprint. One of the examples is “Google’s Eight Pillars of Innovation”, which can be used to define the initiative’s overall structure. The blueprint also helps to define the limits all around the problems that the business is thinking to resolve. This will also help to understand the problems that cannot be mitigated with the new innovation and technology.

The innovation blueprint is made up of three factors, antithesis, thesis, and statement. The statement defines the ambitions of the company and determines why you believe in the next step, you are going to take in the business. This is also the right time to develop the antithesis that defines the problems, the core technologies, and the overall business model. The thesis finally gives you a clear lens into how you are going to invest in your problems, business models and technologies.

Defining the Innovation Themes

Once the blueprint is developed, it is time to identify the aspects of the business problems that you want to resolve. This step will help you to identify the categories across which your innovative ideas will work along and help you resolve your business issues.

Measuring the Success

Once the innovation themes are defined, it is important to measure its success after complete implementation. It is also advised that you keep on updating and refreshing the current business processes through innovation to meet your desired goals.

You might need to conduct brainstorming on a regular basis to get your business on the new innovative track. Developing a structured approach will surely help you to be successful in your new innovative step in business.

SourceEntrepreneur

About ToOLOwl

I am ToOLOwl. I have few friends in my nest; whenever someone requests a tool’s review or I pick a one out of my interest, someone in the nest does research on the tool, someone takes a tool’s walkthrough and some of them share their experiences and expert advice. Based on all; I give it a  stereoscopic vision and present important insights for you to go through and ease your selection process for tools. Wish you Happy reading, Easy choosing.

Owl Suggests

The Most Important Step While Starting a Business

While there are many things to consider while starting a business, the first step you …

Loading...