Large Companies are looking to start-ups for innovation, here’s how to be the best at your Game

Beyond conferences and workshops by professional mentors, innovation is difficult to understand and execute. There remains is always a strong discrepancy between how big business and start-ups approach it.

As a result, big business are looking at start-ups and entrepreneurs to identify disruptive ideas and opportunities. Yahoo investing in a once mini start-up Alibaba and Facebook acquisition of Oculus and Karma are the most prominent examples.

Here are 5 tips that can help evolve your Venture to the next level

1) Keep it Simple

focusSaid decades ago by Peter Drucker and holds true more so now, ”so much of what we consider marketing consists of making it difficult for people to work
Write down your initial motivator and core utility that your product or service has to offer. As your business grows you may lose focus on your original intentions and ask yourself these questions

  1. Is your business vision and strategy clear and defined?
  2. What is your reason for being in business?
  3. When was the last time you updated your vision and mission statement?
  4. Do you communicate your vision with your customers and team regularly?
  5. Does your team know and believe in the vision?

2) Put the Customer First:
habit(1)
Revenues and reputation will follow shortly

3) Don’t Spend what you don’t have:
minimum-viable-product1
Be Smart with what your have and follow the Minimum Viable Product Approach. Invest enough to grow to the next stage of the business. Pay as per your Spacing needs, Business Centers are a great ways to achieve this

4) Collaborate:
marketing-teams-collaboration
Within your organization and outside there are creative ways to better enhance your concept

5) Put Technology at the heart of your business:
technology
Your business can embrace technological change to lower costs, improve employee productivity, increase customer engagement and improve the customer experience.

  • Cloud based solutions
  • Embrace mobile apps where your team can better connect with each other
  • Social: ensure your communications aren’t one way. FOCUS on engagement not Follower count
  • Data: No one was worst off by knowing more. Invest in strong backend system to better understand your customers

We hope this information proves useful and if you have any other ideas you would like to add, leave them in the below comments section. And most importantly, cheers to a successful you.

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