Understanding How Innovation Creates Successful Businesses [Infographics]

Change is the one thing that drives every industry. Innovation creates success. It affects the way that customers experience the things they love.

When that change is beneficial to a large degree, then it becomes known as innovation.

What counts as innovation? Consider those once-outlandish ideas such as computers you can take with you while on the go.

And what about phones that can surf the Internet or an online game with millions of players worldwide.

These things wouldn’t be possible without leaders who considered the risks of trying something different for the sake of progress.

Carefully Crafting Smart and Innovative Decisions

While there’s always some degree of risk involved with business, innovations tend to be riskier.

This means that companies who want to innovate generally only tend to do so when they fully understand how their changes will be received by their audience.

For example, consider a company that has a line of video games. Each subsequent product should complement the others to strengthen the customer base most likely to buy them.

If the company comes up with a new and innovative way to enhance gameplay, then they need to ensure that this idea will work in tandem with those other products.

It may condense several products into one or create a stronger customer following.

Gathering Intelligence

This requires that a company listens through the various channels of communication to understand what their audiences find most useful about their products.

When the time comes to begin the innovation process, the company takes those ideas and carefully works them together until they have a refined product that meets both the company’s and the customers’ expectations.

Rewarding Innovative Ideas to Retain the Right People

One of the most important things for a company to do concerning new ideas is to keep people with the right ideas inside of the company.

There are many ways to do this. Activision Blizzard rewards entire studios with additional funds when a particularly bright and innovative idea gets produced.

CEO Bobby Kotick even has a reserve fund comprised of his personal money that he uses to award developers who can come up with something as big as the next World of Warcraft or Call of Duty.

Recognizing Innovation

The final step before innovation can occur involves recognizing when it will actually succeed.

Knowing how to best recognize innovation enables companies to promptly promote it into something real.

Careful Foresight and Planning

The difference between needless risk and innovation is often in how a company prepares to change.

They work with their employees, understand their customers and work closely with their personnel so that bright ideas can be grown into something more than simple seeds.

These principles concerning innovation can be applied to any business in almost any industry. But they are especially effective in entertainment.

That’s why the most successful entertainers and game designers tend to focus less on efficiently making the same thing work and more on creating something new and amazing.

Use Challenges to Your Benefit

Did you know that dealing with unusual challenges can spur innovative thinking?

Source: Top Masters in Public Health

Note: Originally published 9/22/14; updated 8/19/20

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