Innovation Archives - Page 3 of 3

4 key ways to innovate in your business

Companies need to innovate. Innovate their processes, procedures, products and marketing. But how is this done, where can this happen.
We look at the 4 different categories of innovation that will give you a reference to work from in your business.

The four categories are:
Market Pull Innovation: A problem exists and is identified in a system or market. People get together to address this problem. This is solved either by using new technology or by reinventing the current processes or products. This results in a new solution that can be implemented and sold.
Technology Push Innovation: After much research and development a new technology breakthrough is achieved. This brings a new concept product offering to the market. The problem it solves is then identified to the market sectors and the product sold to address this new found problem.
Frugal Innovation: With a current system or process, the question is asked about improvement and how to do more with less. This results in cost saving, a positive environmental impact, and improved efficiency.
Marketing Innovation: The marketing for a product or service needs to reach a new breakthrough for either a new or existing product. The marketing is developed to address the market in a new and innovative manner resulting in deeper market penetration and improved sales.
What can your business do to be innovative in your current processes, procedures or new product ideas?

By Bruce Wade|2016-11-01T10:20:06+02:00June 13th, 2016|Entrepreneurship|0 Comments

How Innovative are you?

Innovation comes in two forms. Either you are looking for new ideas that address and solve problems that don’t yet exist in the public realm or you are looking at way to redo things that already exist.

New innovation requires a lot more work, money and effort to get a new concept to market. The length of return on investment and issues of going through prototype designs, market research and market penetration requires a huge effort. This is required to move the world forward into new technologies and concepts that create progress for society and mankind.

The second type of innovation occurs when we look at the status quo and decide that it is not good enough and needs improvement. This could be related to an existing business or services or even a product. Looking for new ways to do old things in a new exciting way that offers better convenience at a cheaper rate is always welcome to the market.

Watch this week’s episode of Bruce on Business and begin your journey of innovation into the future of sustainable business.

By Bruce Wade|2016-11-01T10:20:06+02:00June 6th, 2016|Bruce on Business|0 Comments

Innovation Showcase at CPUT

Today I visited the Cape Peninsula University of Technology (CPUT) first Innovation Showcase. The event held at the Bellville campus in Cape Town is the result of a number of years of work by Prof Gary Atkinson-Hope and Chris Lombard.

Exhibiting at the showcase were 38 projects run by both students and staff across the two CPUT campuses. Three projects caught my eye and I got to chat with the students involved in their development.

Lumons The Lumons is a set of three lights that are remotely charged whilst on their styled wooden stand and can then be carried around the home or office at night during load shedding. There is zero risk of fire or electrocution, and this product looks like it belongs in a style magazine for upmarket homes. Snugpack

The second product is one of those that we only realise we need when it is too late to invent it. The Snugpack is a small portable bag that fits over your backpack and gives you a safe and secure time to catch a nap during long trips, airport layovers. The team behind this product has turned experienced pain into a profitable and very clever product.

The third product is one that gave me that “Why didn’t I think of this” feeling. The portable photogrphy studio named the SOOC (Straight-Out-Of-Camera) offers the photographer a very high spec portable light box with LED lights and infinity screen for staging and photographing small to medium items.

Other products of interest were the Dryway, a clever folding clothes dryer. The Pivot offering a clever way to keep your keys safe and secure. And finally the TBT or The Braai Tool a clever well engineered braai tool that is sure to put a smile on every man’s face at the next national braai day.

Well done to all the students and staff of CPUT for their innovations, imaginations and development efforts. The state of our young minds in South Africa is encouraging.