Creating a groundbreaking new product is a crucial step in establishing a profitable firm. It’s simpler to say than to do, and it seems like only the “young brilliant brains” of today are capable of doing it.
While point of view plays a role in product development, it is not the only element. Some of the best ways to establish the groundwork for more innovation are to practice different kinds of brainstorming, to identify impediments within yourself or your team, and to outline a potential product roadmap.
Whether you’re an established business looking to improve an existing product or a novice entrepreneur looking to break into the market, Here are the three bits of invaluable advice when trying to think of a new and innovative concept.
Approach things with interest rather than skepticism.
Because of the “outside the box” nature of most novel innovations, their proponents may first be met with ridicule. The greatest inventions of our time, like the iPhones of the world, seemed crazy before they were completed. True innovation entails doing things in a way that have never been done before.Curiosity in approach and the ability to envision a product beyond the confines of the current market are thus required. Pose a lot of questions, and approach learning with a sense of childish wonder.
Do not model your product after that of your competitors.
Many people get their creative juices flowing by thinking about an existing product they use and then coming up with ways in which it could be improved upon rather than making something that is in direct rivalry with it. However, this is not the way to create ground-breaking new items. Jeremy Delk is the chief executive officer of Delk Enterprises, an investment firm that counts 23andMe and CelebrityMD among its portfolio firms. Delk stated that the company “doesn’t look at other companies in the industry” when considering an investment or construction project. “Looking at how it’s been done or replicating your opponent’s homework may give you some tiny improvements, but you won’t put any meaningful distance between you and the competition,” Delk said in a conversation we had. The degree to which your product stands apart from the competition determines whether or not you will be successful in business.
Use a creative approach, such as design thinking.
Design thinking is an alternative method for developing a cutting-edge product. The term is characterized as a “method for creative problem solution”; its human-centered foundation enables novel approaches to existing issues. Humans are constantly prioritized in design thinking, which is different from conventional ways of thinking. Therefore, design thinking is linked with a focus on people.Design thinking entails creating product prototypes and then getting feedback from the intended audience. The most crucial component of coming up with new ideas is putting them to the test. A compelling product proposition cannot exist if you do not know whether or not your intended market will actually buy and use the product.
Outside-the-box innovation may seem impossible to nail down at times, but applying curiosity, expanding beyond the safety zone of the competition, and engaging design thinking are the best steps for starting your discovery process. A truly innovative product idea awaits.