The One Key Trait Your Tech Startup Needs In Order To Innovate
Innovation needs to be part of the business as a whole, instead of being just a specific area within the company.
"We need to innovate" is the sentence that is perhaps most present in the day-to-day of today's companies.
The business game has changed, and companies get born -and then die- faster each time. In the first quarter of 2022, an independent survey conducted by Dubai-based market research company 4SiGHT has revealed that business leaders understand that transformation is fundamental for businesses seeking new opportunities and growth.
The opinion of 82% of the 2,000+ respondents from the UAE, Saudi Arabia, and Kuwait, agreed that transformation will help businesses to grow, and provide them with a better chance of thriving after the repercussions of the COVID-19 crisis.
However, what we often see happening is a disconnection between what is said and what truly is done. The good news is that the first and second steps are taken, which include understanding the need to innovate, and having good intentions to do so.
But when it comes to the next steps to be taken, businesses get stuck in disseminating the company direction throughout the organization, while fostering a unified growth mindset, which also includes the founding team. Therefore, execution also gets compromised.
So, how does one transit from the traditional business model to the model of high-growth companies? What can be learned from the successes and failures of such models to adapt to one that sustains in the long run?
Here's what I think: to start off, innovation needs to be part of the business as a whole, instead of being just a specific area within the company. Combining agility, experience, and results monitoring will put everyone in sync.
However, there is a key element that will make the difference- and it is the obsession to design better products or services. The interaction with customers and stakeholders opens the mind to learn bottlenecks of their day-to-day, and how a company's solution is part of that.
I hail from Latin America, and I have found my people to be especially good at being "solution-obsessed"- by default, we expect those around us to enjoy their time and have great experiences, and this also reflects in the ability to share insights and feedback as peers, and to enhance an offering for a better customer experience.
But this is not to say that being solution-obsessed is something you're born with- traits can be learned and developed. And anyone who is solution-obsessed will fly the flag for innovation sooner or later- you can rest assured about that!