Innovation is the key to exploiting change as a business opportunity. In the 21st century, innovation is the most lucrative endeavor in the business world.
Innovation involves generating an idea at a zero cost and transforming it into a high return on investment (ROI).
An idea or invention alone has limited value. In order to add value, a suitable business model must be implemented to progressively transform the idea into the needs and wants of the target market.
SA innovation culture
South African companies are actively seeking new ways to become more innovative. In corporate companies, business managers are generating more ideas and evaluating them, in order to create new products and services.
One of the biggest challenges to becoming more innovative as a corporate company is changing the team culture to accept and embrace innovation.
South African companies need to adapt a new corporate culture of being more innovation focused. Currently less information exists on how to embrace and accept innovation.
No boundaries
Creative and innovative thinking knows no boundaries. Innovation can turn knowledge into money.
Ultimately, great ideas should always be turned into profitable innovations.
