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5 Drivers of Business Innovation
Posted By Deborah Shane On April 23, 2012 @ 11:01 am In Small Business Operations | 14 Comments
Innovation is critical not only to business success, but to its very survival. Why is innovation so important? Fresh approaches, new ways of delivering ideas, visual and content changes all keep people interested and coming back. Innovation is NOT exclusive to big brands, but is, in fact, essential for ALL brands.
Fast Company lists the Top 50 Most Innovative Companies , those firms that transform and impact their industry time and again. There are 5 drivers of innovation:
These 50 made the list because they all demonstrate these drivers and ultimately offer up fresh, fun and fab.
The Fast Company’s list is a mix of Icons – Amazon, UPS, NFL, HBO – and New-cons, like Solar City, Kiva Systems, Pinterest  and Square. These companies are full of new ideas and untapped niches from everything like monitoring the oceans deep to solving customers pet peeves to becoming a dairy superstar. Others simply take a new twist on a tried and true concept, like Starbucks  who is recognized for its ability to infuse a steady stream of new ideas in order to revive its business, and the NFL , an organization that is able to create year-round demand for professional football.
Let’s look at some of these inspiring, innovative companies in some key categories:
Paypal  has enabled online payments to more than 9 million web retailers, and the giant is now partnering with other retailers to push its platform into the physical world. Square  is changing the old act of exchanging money for goods and services through apps and other cool tools.
Pandora  internet radio blew estimates out of the water and its listener stats continue to increase. Ticketmaster  finally found more ways to attract customers and give them a reason to want to go to and stay on the site.
Instagram  has completely transformed the way people take professional looking photos and post them to all the social sites, and Flipboard  emerged as another tool for consuming and organizing content.
American Express  has been an early adopter and innovator offering new mobile platforms and online business content. Facebook  is the most intuitive, innovative and engaging social platform, that all others continue to chase.
All of these examples show how trends , demographics and psycho-graphics impact the consumer and lifestyle world. Innovation is vital to keeping up with how we are all aging, changing and consuming.
BusinessLink  walks you through the creative process toward innovation.
Seth Godin talks about making a rukus in your industry  by “bringing forward a new idea or technology that disrupts and demands a response, or redefining a service as a product.”
Most innovation is inspired by simply emulating what the best are doing, as demonstated by the Top 50 above. We redecorate, rebrand our businesses, and makeover our look and wardrobe. This is inspired by innovation and relevance, important partners.
So, how can you innovate and inspire your business clients, social followers, friends and raging fans?
Driver  Photo via Shutterstock
Article printed from Small Business Trends: http://smallbiztrends.com
URL to article: http://smallbiztrends.com/2012/04/5-drivers-business-innovation.html
URLs in this post:
 Top 50 Most Innovative Companies: http://www.fastcompany.com/most-innovative-companies/2012/full-list
 Pinterest: http://www.pinterest.com/
 Starbucks: http://www.fastcompany.com/most-innovative-companies/2012/starbucks
 NFL: http://www.fastcompany.com/most-innovative-companies/2012/nfl
 Paypal: http://www.fastcompany.com/most-innovative-companies/2012/paypal
 Square: http://www.fastcompany.com/most-innovative-companies/2012/square
 Badoo: http://www.fastcompany.com/most-innovative-companies/2012/industry/webinternet#pinterest
 Pandora: http://www.fastcompany.com/most-innovative-companies/2012/industry/music#ticketmaster
 Instagram: http://www.fastcompany.com/most-innovative-companies/2012/industry/mobile#instagram
 Twitter: http://www.fastcompany.com/most-innovative-companies/2012/twitter
 NYT: http://www.fastcompany.com/most-innovative-companies/2012/industry/media#newyorktimes
 American Express: http://www.fastcompany.com/most-innovative-companies/2012/industry/social-media#americanexpress
 Facebook: http://www.fastcompany.com/most-innovative-companies/2012/facebook
 Amazon: http://www.fastcompany.com/most-innovative-companies/2012/amazon
 Patagonia: http://www.fastcompany.com/most-innovative-companies/2012/patagonia
 trends: http://www.trendwatching.com
 BusinessLink: http://www.businesslink.gov.uk/bdotg/action/detail?itemId=1073792537&type=RESOURCES
 making a rukus in your industry: http://sethgodin.typepad.com/seths_blog/2012/04/on-making-a-ruckus-in-your-industry.html
 Driver: http://www.shutterstock.com/pic-65051989/stock-photo-businessman-driver-with-open-mouth-in-a-tie-with-a-wheel-concept.html