Innovation is defined as the process by which an idea or invention is translated into goods or services for the benefit of the consumers and replicable at an economical cost. In the business scenario, innovation is the result of application of technical ideas to decrease the gaps between expectation of the customers and the performance of the enterprise. In a social level, this relates to devising collaborative methods, alliances, joint ventures leading to increase in the buyer’s purchasing power.
Innovation products is a combination of information, imagination and intuitive thinking along with a number of processes making it different from the resource. Innovative products can either be a new product or an improvement made on an existing one, by using new components or materials . Nevertheless, it is based on ideas that are captured from various sources. There is this awesome article that really goes in details – https://homebusinessmag.com/businesses/business-spotlights/best-inventhelp-inventions-power-entrepreneurship/
Further, today’s aggressively competitive market, challenges for every enterprise to gain maximum market value. To meet this challenge, enterprises take up initiatives such as branding, advertisement, social media marketing to promoting ‘out of box’ thinking, strategies for innovative product development and idea management techniques. Such initiatives may lead to development of products that can handle environmental issues, energy conservation or even bring about simple changes to make a product or service more comfortable and competitive.
To generate profitable growth of the enterprise and improve the consumer structure, Billerud- the Swedish packaging designer came up with an innovation product ‘Fiberform’ a by-product of petroleum that helped in reducing the consumption of plastics. ‘Fiberform’- a biodegradable and recyclable packaging material took plastic out of all products; from food to cosmetics. Made of renewable, fossil-free raw material, this innovative product confirmed a reduction in carbon emissions in production by 39%, paving way for increased market share for ‘Fibreform’ as a climate smart packaging solutions. This initiative contributed to the company’s profitability, while at the same time benefiting the global climate. This are just few tips and there is much more that should be researched and you can start your in depth research at http://cascadebusnews.com/invent-help-patent-assistance-timely-manner/