Analysis of innovation: Key to success

There has been n number of innovations happening around us, in each and every area we come across. However, all the innovations are neither successful nor disruptive. An entrepreneur may think his innovation as the most wonderful idea and something which could be the game changer, but that may not be true at the end of the day.
There are certain trends of innovation, that has been successful and some of them are listed below:
An innovation is successful if it hits the day to day life of the customers – This is something which is really important. There was a recent article on – obvious problems are the best ideas for entrepreneurs. This point talks exactly about the same. The end product of an innovation could be a product or service, but if the product is something which rarely comes in use, then its of no use. The more obvious is the need for the product, the more successful is the innovative product or service. New startup with new fresh idea of business is called as business innovation.
An innovation is successful if it makes the life easier of the users – At the time of idea conceptualization, the entrepreneurs must ensure that the implementation of the idea should make the life easier for the end users. For example, mobile apps vs website. From an end user perspective, using a mobile app is more convenient for the end user as compared to a website, hence a mobile app based idea has to be more successful as compared to the website based idea. Having said that, the website vs mobile app comparision, there are other pros and cons of each and they have been listed separately.
An innovation is successful if the product or service offered as a solution is cheaper to use – Another important factor for a successful product or service is the cost of the same. It should be cheaper product than the existing solutions in the market. Alternately, the product can be free for example a free android or iOS mobile app, with predefined monetization strategy.
Here is an example of bad innovations – mobiles with multiple sim cards. I remember, there was a time when the mobiles were first introduced. Lots of people got excited due to connectivity at any point of time. The problem which some people faced was carrying multiple mobiles, due to two or more sim cards carried by them. Then as part of innovation, some companies came up with dual sim mobile phones. It was definitely a good move. But, in the name of innovation, something which did not happen exciting, was – the companies launching triple sim phones, four sim phones or even phones capable of holding upto sixteen sim cards. These kind of innovations are never encouraged, simply because it has nothing to do with innovation, its rather building exaggeratedly over an idea. Such steps should definitely be discouraged.
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