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Over the last couple of decades there has been a shift in the world’s economy. While the age of industrialization has brought us the technology and means to link the economies of super powers with those of emerging markets, we are no longer dictated by factors such as supply and demand. Money is no longer the driving force of our global economy. Innovation has taken the helm and is steering traditional and new companies alike to invest in research and ideation, to create new products and services that impact life on a global scale.
The shift in a global economy is tectonic in size, meaning that the change is so large that it’s given companies who were watching, the necessary time to implement change. It’s given today’s successful companies the foresight to invest their capital into the research and development needed to create the products and services of the future. Companies like Apple and Netflix as a result have changed the way we purchase and interact with music and multimedia. This is a trend that they need to continue however if they want to stay alive in the new innovation economy.
To successfully invest in innovation requires two different strategies.
Investing in Research
The tools, the resources and the techniques for conducting the necessary research will vary for each company. Factors like niche markets, will have an important role in your research. You need to get to know your customers and consumers, their lifestyles, and the problems or challenge that they face. You need to understand what drives them, what they seek and how they learn about new products and services. All of this changes over time as the lives of your customers are changing rapidly as a result of new technologies. Once you have this level of research concluded, you can better invest in ideation.
Research will continue to be a part of your process as you move into the ideation phase. As you come up with ideas for new products, you must research the best methods through which to create them, how to improve upon them and make them more economical, etc.
Investing in Ideation
Investing in ideation very broadly means, investing in the means to enable ideation or critical free thinking within your organization. Different organizations are achieving this in different ways. Some choose to dedicate one day per year, or one day per quarter, to allow team members to ideate on the next project or product for the organization. Some invest in tools that make submitting and tracking ideas throughout the year easy. With our platform, you can invest in ideation in both of the ways we’ve just discussed. Whether you use the platform to host short innovation sprints, or host projects that task your team members to think creatively and innovate all the year through, Idea Hunt brings team members together, to think, and collaborate for the innovation of your organization.