Every day we read blogs, newspaper articles, magazine issues and even autobiography pieces about the success stories, failures and peaks of inspiration from entrepreneurs around the globe. We learn from them and are inspired to action by what they do. And you know why? Becuase we are all attracted by innovations, future trends and we rightly (or wrongly) overty pedestalize their achievements
Many of the big success story businesses are on a continual and iterative path of innovation. Finding revolutionary products, advanced business practices, and better predictive analysis of where industries and markets are heading, shape much of a company’s goal and strategies.
Your business doesn’t have to have a Silicon Valley stamp, there are still many overarching principles we can use from the ones the tech community consider trailblazers.
So, what inspiration can we get by looking at the most innovative companies of 2017?
Innovation Doesn’t Have Copyright
Amazon and its chief, Jeff Bezos, have been defying expectations for more than two decades. Ok, how? If you’re thinking about data metrics, you might be wrong. Amazon rather focuses on its willingness to embrace uncertainty, experimentation, and messy inconsistencies. Not everything in the Amazon world is orchestrated for perfection. Bezos doesn’t just tolerate this; he enjoys it. What he understands is that each critical new idea may arise in a different way, from a different source.
Amazon deal with their flops quickly (the Fire phone, right?) and due to the company structure being unlike their cohort (Apple, Google, Microsoft) Amazon has a more flexible approach to its technological landscape, meaning product wins can be quickly leverage, but losses can be quarantined without affecting nearby products.
Youth Will Be Pleased
10 years ago, Snapchat didn’t exist. Neither did Airbnb or Uber, Slack, or Spotify. And what does this imply? That the newer generation is attracted to simplicity, access, and convenience. It’s not coincidence that all of the above share commonalities in disrupting traditional incumbents by all having the same principles somewhere within their models
The rise of these businesses shines a light to the risks that traditional industries face, and how tastes in modern culture are shifting faster than ever. New generations of consumers expect newer, better products consistently. That reality can’t be ignored. And what starts out serving the niche or the youth can be quickly ubiquitous
Learn (wisely!) from the Unicorns
Beem is not a unicorn, we can’t claim to be (yet!) but we’re a leader in what we do and well placed to know the moving parts of the startup world, and seemingly more and more of startups reach the accolade of Unicorn (companies valued at $1bn+). In so much so that the market is quickly becoming saturated with Unicorn hype (we’ll talk about this in a separate post, ahem)
Some unicorns exhibit amazing teams, great timing, fantastic product or genuinely shake things up for the better. Whatever their cocktails for success they reach a point where their product and brands are undeniable.
Unicorns share a common DNA – efficient to scale, quick to exploit sectors, able to piggyback on behavior, getting enough venture financing to be fearless (by enough, we mean lots $$$$)
Spend time reading and absorbing the culture of the tech unicorn, there are some key lessons from the tech glitterati. Just don’t relentlessly attempt to apply the same framework to your own company or profession. It probably won’t work. Be pragmatic, there’s no silver bullet, work hard and hustle!
Tech titans are helping to forge new paths and establishing new norms. But remember – Things are only different for a while before they become the same.
Innovation emerges everywhere
Globalization has enabled almost everyone to at least try to develop groundbreaking operations. For example, Farmers Business Network, is pooling data and buying power for individual farmers to help them better compete with agribusiness; Simplify Networks is a Malaysian outfit applying sharing-economy ideas to mobile-phone data plans in the developing world; Orbital Insight analyzes satellite imagery to “understand what we’re doing on the earth and to the earth”. While Orbital’s revenue largely derives from financial firms, it’s partnered with the World Resources Institute to help with detecting and stopping deforestation. Pretty innovative uh?
Innovation is less busy at the edges of the forest!
Great Innovation has a soul
It’s great to know that sometimes it’s not just about profits: many startups want to carry a different message and establish themselves as startups with a cause. For example, Pledge 1% is targeting businesses with a novel message: along with setting aside a percentage of your business’s profits for employees and investors, why not take a portion and give it to a cause? Another tactic is at the heart of GoFundMe, a crowdsourced fundraising utility that has applied the model of Kickstarter and Indiegogo to personal giving—and already generated $3 billion. Even innovation has a soul!
We all live our life every day with an eye to the future, these companies among many others are moving in the most exciting and challenging ways. Who deserves a hat tip or what insights do you treasure? Let us know in the comments