If you’re here this means that you are probably thinking of the next big idea for your company. Or you may be thinking of ways to help your industry solve a problem. No matter what industry you are in, or what your company does now, your idea could become the next world industry changing idea. I will take some time to outline some companies that are doing just that and how they are growing!
First let me explain what innovative technology really means.
What is Innovative Technology?
Innovative technology is not necessarily something that is easily defined by Webster. More so it is a process, product, service, or business model that is readily available to markets, governments and societies. Just like the name, it combines innovation with modern technology. Some examples would be the Pokemon Go app, Smart Watches, Drones, Hover Boards, tracking software, and many more. All of these items are original, but world changing. So what does innovative technology have to do with your company? Let’s find out.
Companies that are using Innovative Technology to grow!
There are already companies that have started to use their big ideas to help scale and grow their companies, even their industries. The first company that comes to mind is a growing company called TemperPack. Considering that their whole company is based off an innovative idea, I wouldn’t have expected anything less of them. TemperPack is in the sustainable packaging industry yet they didn’t stop there. They chose to employ their big idea to help grow their company. Their big idea was a productivity app that allowed them to increase employee productivity while tracking other facets of the company!
Another growing company that comes to mind is a company called BlueSwipe. Although they are in the payment processing industry, they have started to use their big idea to help the sales industry become a more productive and analyzed industry through easy to use mobile applications for lead management and cold calling.
Still aren’t convinced? Let’s talk about some companies that you are familiar with. Have you ever heard of a company called IBM? I’m sure that you have. They are now known for cloud hosting, consulting, and computer hardware. Do you remember where they started? Some of their earlier products where, employee time keeping systems, punch card equipment and weighing scales. Throughout the years they have been using innovative technology to grow and scale by tackling Cloud Computing!
Or let’s even use Facebook as an example. They started out with a platform, and now they have utilized their big Idea to bring the internet to every aspect of the world. They create drones, apps, software, and even systems to help the company grow, scale and make a difference!
Making Your Idea Work
As a busy CEO, VP, Operations manager, etc, you already have a lot on your plate. With that being said, don’t try to do this on your own. First, hire a company that can help you create your idea but doesn’t want to own your idea.
Second, make sure your idea is not just going to help your company, but companies outside of yours as well. This is the best way to make your big idea a second revenue stream for your company.
Third, use your idea and track the progress that it is creating so that you can have solid evidence that it does what you said it will do.
Cost Vs Investment
Whenever we consult with a company on how to use innovative technology to get their big idea to become a big reality, we always stress the cost vs investment mentality. What this means is that most of the time the money that you will put into this project will most likely turn into an investment that yields a return. This is not the case 100% of the time, but it does happen if your idea is a great idea that can help many. Here are some costs that can be associated with using innovative technology.
Creating Mobile Apps: These investments can be anywhere from $3000 to $500,000 dollars depending on complexity and functionality. The main reason is because mobile apps take on average 900+ hours to be successful.
Creating Software i.e. CRMs, Web Apps, and Online Platforms: These investments can be anywhere from $5000 to $20,000. They don’t take up as much time to build as mobile apps.
Creating Hardware i.e. Machines, Tools, Gadgets: These investments can be anywhere from $30 to millions of dollars. This is because of patents, supplies and resources to build.
Although the investments may be high for some, keep in mind that returns can be much greater.
We hope this has been informative! Feel free to contact us to help you create your next BIG idea!
Stay tuned for part two of this article next week titled. Scaling Your Company| Best Practices.