JULY 2006
THE BUSINESS MIND
By Christine Zialcita
INNOVATION IS THE KEY

I just got back from attending the InTourPreneur Conference in Cebu, which was organized and hosted by the Cebu Chamber of Commerce and Industry. If there was anything that stuck to my mind from the plenary sessions I attended, it was the word “INNOVATION”.

Listening to how the word was being used by Presidents and CEOs of various companies in their presentations, it dawned on me how easily we forget that the big established corporations or conglomerates they represent all began because there was an individual who had an innovative idea willing to take a risk to start something new.

So, what is ‘innovation’? By definition, this would refer to a new idea, method, product, etc. It is the action or process of making changes in something that is already established and introducing this new outcome. You might want to ask if it is enough to be different. It might be good to be so but what will define the product, idea, method or whatever else it may be? This is how we can gauge if the innovation matters.

In my opinion, the innovation matters when it is relevant - when all the factors involved in the business are maximized. But more importantly, the end product must be useful and affordable giving it the potential to break into the market. An example for this would be the liquid floor wax. The product allows the homeowners of smaller units or compact houses to have the same shiny floors without having to own a floor polisher. Another set of more high-tech examples would be the watch and the writing pen, which has a USB flash drive in it. Talk about innovation!!! Just imagine all that information strapped on your wrist or tucked into your breast pocket.

I remember my grandfather’s stories about how some of the present Taipans started their businesses. Obviously, it was not just perseverance, dedication, and the desire to succeed that they all shared. The desire to build and create must have been imbedded in their hearts too. They appear to have exhibited openness to new ideas and the readiness to accept the challenges presented by the demands of an ever-changing society. That was how they were able to establish the diverse businesses that they are all into now.

As entrepreneurs, how can we innovate?

Well, to start off, there is product development. Look around you and see what are the things that you firmly believe needs improvement. I’ve also mentioned in one column that the things that irritate you can be a source of good innovative ideas. Next, check out the possible services you can offer. There is nothing like being able to customize your services at a minimal cost. With globalization comes competition and more often than not, services offered are left to be the deciding factor.

Whatever business or industry you may choose to get into, what is essential is optimizing every window of opportunity you are presented with. There are always new ways of doing things, a dime a dozen really, so watch out and don’t allow yourself to get caught up in the whirlwind. Keep your head above your shoulder and be critical of all things new that you encounter. No doubt there will extremely good ones. However, you must be open to the accepting the fact that there are ideas that are good but are not yet sustainable nor needed at present and others that are out rightly bad ideas.

Keep your eyes open to the all that innovation and may they bring you wealth, success and happiness!!!