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How Startups Could Reacquire the Lost Market Share Through Innovation Innovation is the only solution to continue the journey of growth and give reasons to see the silver line in the form of innovations that will generate opportunities

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When the world is facing a multi dimensional challenge, startups can change the world to make it a better place to live. You have no way to predict the future until and unless you are building it. The need of hour is for the startups to analyze the new needs of the customers and provide them services accordingly.

Innovation is the only solution to continue the journey of growth and give reasons to see the silver line in the form of innovations that will generate opportunities.

With the changing world the time has come for the startups to think out of the box and get themselves engaged with innovations.

Replacements by Online Models

Online models will replace the global transportation center enabling a swift and flawless mobility system. Well planned online interaction between the buyer and seller saves time and is a safer mode provided by seamless agility of work from home mode. Digitalization is basically changing the way businesses are going to be done by making the products more scalable. Although, digitalized processes will also require digital infrastructure to run operations with efficiency and this added cost will be well taken care of by the use of technology.

Moving From Local to Global Markets

Innovation, not accepted by the global consumer market, is of limited use. Creativity for the community will definitely generate new market segments and lead to successful collaborations. Innovation shouldn't be bounded by language, culture or mindset of the companies and should be made global, irrespective of the differences and focusing completely on the needs and services required by the consumer. Startups need to innovate to boost the services they have been providing till date.

Use of Technology

Innovation for the world is not to focus on product delight but to focus on customer delight. Innovation in technology should not be used to fulfill technology fantasies but to consider every adversity as an opportunity. New version of work is technology. Use of technology like cloud is a savior to overcome the extra cost of digitization of processes and infrastructure to run operations. Development of a feasible size of product is important so that it can be tested in the market and further works as a prototype model which can further be incremented to handle risk management.

Place faith in the ability of technology to make things better.

Innovation in the Field of Advertising Industry

Advertising industry has moved from advertising to pages to advertising to people. Startups need to communicate with customers the way they demand. Innovation in this field of advertising will definitely bridge the gap between business growth and customers' needs by the use of omnichannel strategy. Startups need to absorb videos in their promotional strategies. Marketing and brand-building on social media is the future.

Connecting Ideas Through Open Innovation

Around 90 per cent of ideas are born in human brains and die because of the fear of theft in the process sharing the idea. Instead of protecting the idea, sharing is needed for growing to get a better perspective. The best advances in tech and best capabilities in people coming together and sharing on a common platform is the new version of work.

Right Time For Innovation

Ideas are not the most important thing, what matters the most is actually when it is timed. Innovating and thinking afresh about what can be done next is the call of the hour. Is the idea way too early and needs to educate the world or is it too late with too many competitors already in the market. Ideas and its execution care a great deal but timing counts for a lot. The best way to access timing is to look whether the consumer is ready for what you have to offer him. New opportunities are at the doorsteps of startups waiting for innovators to grab it.

Team Management

Timing, idea, business models and finding are all executed by the managing team members. Unbelievable time to upgrade the skills of the team members. Instead of experimenting, choose the path of learning. Self awareness, creativity, empathy, trust, are the factors to define your future success. Extremely open communication with the employees and the consumer is needed by staying calm.

What to innovate and in which fields innovations are required will depend on the introspection of the strength and weakness. It is required not only to analyze the failures but also the success, which no wonder can again be repeated by rethinking upon the core elements of success once already acquired by the startups. Startups need to outline the strategies to create new opportunities by bringing the game changing innovations to markets.

Keep innovating and keep fighting battles.

Apoorva Ranjan Sharma

Co-founder & Managing Director, 9Unicorns

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