A quick disclaimer upfront: all information given in this presentation is researched and intended to be educational and illustrative to the specific topic as always. Any companies, products, people, or other items mentioned do not constitute an endorsement, recommendation, or relationship. Every owner has to do their due diligence, as the decisions and responsibility about any investment lie with the owner. This is no financial advice.
What is innovation?
The word innovation is derived from the Latin verb innovare and means to recreate or renew. Innovation is the process of creation or remaking of an existing product, domain or service. In the process, individual actions or even entire product branches are renewed or replaced by new, unprecedented processes, which replace the value of the previously existing actions and thus set a new standard.
Why is innovation important?
The market within a given segment is highly competitive. Many suppliers offer the same thing and try to gain market share with the same products or functions. For the most part, vendors try to make the demand for their product more interesting through price, availability and through marketing campaigns, but a market is saturated at a certain level of utilization. An increase in sales does not take place and the regarded market falls into a state of rigidity, which could even cause purchases to decline.
To prevent this from falling into disrepair, there are companies that have set themselves the task of changing actions. They want to change a previous market that is not progressing due to the stagnant renewals and low density of new actions. One possibility is innovation, which allows the company to change and renew certain actions that have already been established in the market for a long time. This creates a purchasing power that could gain in attraction and thus not only revitalize a market, but also reshape it.
The company that invents an innovation is the company that generates new interest in the market.
The problem of defining innovations
The term "innovations" is misinterpreted or used inflationarily by some companies. Innovation does not mean that the appearance or the presentation changes slightly, but that actions are changed. The innovative element could be a part of a product, an action or a domain, or the entire unit. The associated innovation is then a change in the use of the product, which could offer a market unimagined, new opportunities.
Depending on its characteristics, a market could reach a new level as a result of the innovation. The general standard is then raised, so that the competition loses ground and the new innovation receives cross-market demand. This also offers the innovation company - if it is successful - the advantage of being able to redefine the market segments. Price, availability and the like are then directed at the company that has appeared here and presented the innovation to the market.
How to you create innovations?
Innovations are more a process of discovery than of creation. Of course there are individual ideas that have changed the world over the course of humanity, that have come out of nowhere, but this is accompanied by a process that is divided into four basic categories:
1. Venturing new ways
This is about the idea of daring to go new ways. Developing new ideas that no one has is difficult and most are quickly rejected. People are usually not aware that - in order to be able to go new ways - you sometimes have to think beyond the normal way. This means that you could choose the traditional way of paper and pencil, but you could also get involved with new possibilities.
2. Collecting ideas
Innovations don't come about because you spontaneously come up with something. An incentive, a comparison to an existing product, or a fundamental idea in the early stages is sometimes the trigger for a breakthrough, unprecedented innovation. For this, you have to see what is available and what the majority of users have already experienced. In doing so, you have to think about how you could make it better, how you could make it simpler, or how you could develop it in a new way. This is the only way to offer possibilities for the creation of a new product or service. Because even the smallest change could lead to a great innovation, the right
idea and approach is the decisive point here.
3. Believe in it
If you have an idea or a thought for a possible innovation, you should never be dissuaded from at least planning it through. It is clear that not every idea could be groundbreaking, because otherwise there would be a new revolution of a product or service every day. But it's the implementation and the actual benefits that matter more than the possible outcome. Because if you believe in something and pursue it, then – among many ideas - there may actually be an innovation in the end that not only increases demand, but could also change the market that goes with it.
4. Find like-minded people
Having an idea is wonderful, creating an innovation through it is a sensation. But as with many innovations, if the innovation requires it, you need like-minded people who could work together in a team to make these ideas a reality and fulfill all the possible steps. It is not for nothing that companies with team leadership, in which the members work well together, are more successful than unplanned systems. And the same applies to innovations, because an innovation could only survive if you could see it through to the end - and this is much easier with like-minded people.
Changing the world with the right idea
With the right idea, you could change the world. Whether in small or large steps is of secondary importance, because every innovation that brings a helpful change to the world, the respective market, the service or a specific product also changes the actions of all those who want to change, promote, integrate or use it.
In crypto, this is an important component. Innovation in the management of projects is an important part of this, because of the possible regulation of the future, there is a lot of emphasis on consistency, security and availability. And cryptocurrencies have already brought some changes and will continue to do so as the world adapts.