Innovation is a new product or service developed through the implementation of new ideas or concepts. Here are some of the ways to bring Innovation in your company. To know more details, visit us at : https://mitidinnovation.com/recreation/how-to-discover-innovation-within-your-company/

1. How to Discover
Innovation Within Your
Company
MITID Innovation

2. Innovation is a new product or service
developed through the implementation of
new ideas or concepts. We are
surrounded by innovations, such as the
constant advancement of technologies we
see in our daily lives. Innovations plays a
crucial role in a business as it helps in
their refinement and makes them stand
out.

3. Business executives worldwide believe
that 40% of innovations have impacted their
business positively in the last five years.
That’s why companies demand more and
more innovative minds to overcome future
challenges. Also, innovations can help drive
the business or entrepreneurship to a new
level. Here are some major reasons
why innovations plays a crucial role in a
company.

4. Consistency: Innovative approach can help
improve and grow the business constantly.
This can also help in maintaining stability
and smooth functioning during instances like
re-branding, re-packaging, etc.
Creates unique selling points: USPs add
value and uniqueness to your product that
eventually draws more and more audience.
Reasons Why Innovation is
Important for a Company

5. Usually, customers are willing to pay for
something new and better.
Creative development: Innovations needs
creative qualities which help think you out of
the box. Thus, it enhances your creativity
which can open many doors to new
opportunities.
Responding to competitors: Innovative
ideas can fulfil the need of the hour, keeping
you ahead of competitors.

6. Communicate: Yes, talk and imbibe your
employees with a reason to care. Conduct
meetings and group decisions to ensure your
employees are well-acknowledged of your
firm’s strategies and goals.
Emphasise innovation: Stress the
importance of innovations and how it affects
your company. This encourages creative
thinking and generates a flow of new ideas.
5 Ways to Bring Innovations in
Your Company

7. Brainstorming sessions: Keep a dedicated
schedule for generating ideas and creativity
through workshops, a team day out, etc. A
team effort in brainstorming sessions proves
to be effective.
Support & reward: Respond enthusiastically
and support all possible ideas by giving
equal chances to everyone. Motivate
individuals or teams who succeed in coming
up with great ideas by rewarding
their innovations.

8. Make the ideas work: About 84% of
executives agree that innovations is
important for growth, but only 6% are
satisfied with innovations performance.
Thus, innovations is worthwhile only if
you implement the ideas with the correct
strategy and tools. By failing to do so, the
whole concept of ideas and creativity
might seem pointless.

9. Successful innovations cannot be
achieved overnight. A whopping 54% of
innovating companies struggle to bridge the
gap between innovation strategy and
business strategy. Therefore, you must
implement adequate knowledge and
systematic patterns to
encourage innovation without muddling
the business strategy itself.
How Will MIT ID Innovation Help

10. Thankfully, MIT ID Innovation is here to
help you with the right innovation
strategies, especially for the young
entrepreneurs who dream big. Our unique
flagship programme and various online
programmes are well-designed to stimulate
the innovator in you.

11. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Innovation Courses and
Design Thinking.
Conclusion

12. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
innovation@mitid.edu.in
+91-7038982225 / +91 9834092369