As the $10.5 billion dollar consulting firm McKinsey has noted, 84% of executives say that their future success is dependent on innovation. And this is very understandable. Innovation is how you create value, and provide new products and services to your customers. And, quite simply, your innovation is your differentiator. Your differentiation is why people choose your business over another business. Simply put, it is why your business exists.
Gain the benefits of innovation for your business:
- Achieve economic growth. Your innovation enables you to position your business with a unique differentiator that will have all of your customers coming to you. How well you can meet their needs, based on your unique differentiation and innovation, will strongly influence your success.
- Grow more quickly and effectively. As Standford University has confirmed, innovation is responsible for 85% of all economic growth.
- Gain a competitive advantage. As a differentiator, your innovation is why your customers choose your business over the alternatives.
- Maximize your gain. As noted by the Global Innovation 1000, the return on investment is significantly higher for innovative organizations, including 22% growth in EBITDA (earnings before interest, taxes, depreciation, and amortization, a measure of a company’s overall financial performance). As these metrics confirm, innovative companies not only grow faster – they are more profitable than the rest.
- Make the world a better place. When you think about creating a business, and especially an innovation, you are providing more help for more people in more ways than has existed before. Whether it is in meeting previously unmet needs, helping communities, or new approaches to sustainability, it is almost always an answer to your imagination thinking “wouldn’t it be wonderful if…”. And developing that innovation, is what will bring your community to you.