Innovate or DIE

2:07 AM Saturday, August 18, 2018 adrian oh 0 Comments

When was the first iphone introduced? 2007. Nokia was having the best of its time back then, touting N97 as the king of smartphone. Just merely 7 years later, world #1 brand with #1 marketshare have to sell their corporate office and bought out by Micro$oft.

Innovate or Die, something perennial in tech industry, as it never respect tradition, it respect only innovation (quoted by Micro$oft CEO Satya Nadella)

Our industry does not respect tradition, it only respect innovation - Satya Nadella

So the next question is, how to innovate? In general, all businesses can innovate in 3 aspects

1) Innovate the Product: How can we keep on innovating on products that can capture the next wave of the market? How do you know the new features are exactly what the customer needs? Do we need to create a new products catering to emerging needs? Does it even solve a pain points that customers are willing to pay for?

2) Innovate the Business Model How do we generate revenue stream? Is the monetization model sustainable? Can we rely on just one revenue source? Can the cash flow (as a result of the business model) support internal growth?

3) Innovate the Process Flow: How can we effectively improve the process flow? One good eg of process flow innovation (for SAAS industry) is the creation of Customer Success, it makes sure customer are using your products effectively and successfully, else they won't find values and won't renew, thus lowering down your Customer Life Time Value (CLTV).