Throughout history companies that survived crisis and maintained sustainability where the ones that could innovate quickly. Opportunities created from innovation have allowed companies to not only sustain market shares but to also expand on them and even enter into new markets. In order for these accomplishments or opportunities to occur, Innovation Concepts are used as a tool within a company. For an entrepreneurial company, it is of utmost importance that these Innovation Concepts be instilled into the culture of the corporation.
The most important of all innovation concepts is technology. The main reason behind technology innovation is to provide a company with the ability to stay ahead of completion and thus maintain its sustainability into the future. Technology can be developed from newly discovered ideas or from rethinking how a particular product is used and improving on it. Another reason for Innovation is that it allows for products to be made cheaper while maintaining high quality by continuously upgrade manufacturing equipment to new more efficient and reliable ones.
Innovation Concepts associated with product innovation gives companies the ability to offer current customer base with upgraded products to purchase as well allows the company to expand its customer base. Product innovation also allows companies to develop and introduce products offerings outside of its normal product line to its customer base as well as new markets which ultimately sustain the company and stifle competition. By releasing new offerings on a regular timeline, ie Samsung and Apple, branding is strengthened and customer loyalty is established.
Innovation Concept by means of Process improvement, by the utilization of any number of quality management systems allows the company to reduce a product or service’s time to market which in turn is associated with reduced cost. With the use of Total Quality Management (TQM), Just In Time (JIT) or Six Sigma incorporated into the organization, process improvements can lead to higher quality as well as reducing inventory through the reduction of internal failures which in turn reduces cost.
Service Improvements can be initiated from any number of departments within the organization which ultimately contribute to these improvements. Newer software used for tracking data, better communication systems, improved financial support all lead to increasing a company’s ability to provide new and better services to its customers leading to increased revenue thus establishing a base for sustainability. A company’s ability to innovate through service improvements can lead to reduced competition and an increase of and/or new market share. 