How Innovative Ideas Arise and How It Help?

What is Innovation?

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.
To be called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberate application of information, imagination and initiative in deriving greater or different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.

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In a social context, innovation helps create new methods for alliance creation, joint venturing, flexible work hours, and creation of buyers’ purchasing power. Innovations are divided into two broad categories:
Evolutionary innovations (continuous or dynamic evolutionary innovation) that are brought about by many incremental advances in technology or processes and
revolutionary innovations (also called discontinuous innovations) which are often disruptive and new.
Innovation is synonymous with risk-taking and organizations that create revolutionary products or technologies take on the greatest risk because they create new markets.

Imitators take less risk because they will start with an innovator’s product and take a more effective approach. Examples are IBM with its PC against Apple Computer, Compaq with its cheaper PC’s against IBM, and Dell with its still-cheaper clones against Compaq.

In 2010, Thomas Thwaites decided he wanted to build a toaster from scratch. He walked into a shop, purchased the cheapest toaster he could find, and promptly went home and broke it down piece by piece.

Thwaites had assumed the toaster would be a relatively simple machine. By the time he was finished deconstructing it, however, there were more than 400 components laid out on his floor. The toaster contained over 100 different materials with three of the primary ones being plastic, nickel, and steel.

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He decided to create the steel components first. After discovering that iron ore was required to make steel, Thwaites called up an iron mine in his region and asked if they would let him use some for the project.

Surprisingly, they agreed.

The Toaster Project

The victory was short-lived.

When it came time to create the plastic case for his toaster, Thwaites realized he would need crude oil to make the plastic. This time, he called up BP and asked if they would fly him out to an oil rig and lend him some oil for the project. They immediately refused. It seems oil companies aren’t nearly as generous as iron mines.

Thwaites had to settle for collecting plastic scraps and melting them into the shape of his toaster case. This is not as easy as it sounds. The homemade toaster ended up looking more like a melted cake than a kitchen appliance.

This pattern continued for the entire span of The Toaster Project. It was nearly impossible to move forward without the help of some previous process. To create the nickel components, for example, he had to resort to melting old coins. He would later say, “I realized that if you started absolutely from scratch you could easily spend your life making a toaster.” 

The Toaster Project by Thomas Thwaites (How Innovative Ideas Arise)
Thomas Thwaites set out to build a toaster from scratch. The Toaster Project, as it came to be known, ended up looking more like a melted cake. (Photo Credit: Daniel Alexander.)

Don’t Start From Scratch

Starting from scratch is usually a bad idea.

Too often, we assume innovative ideas and meaningful changes require a blank slate. When business projects fail, we say things like, “Let’s go back to the drawing board.” When we consider the habits we would like to change, we think, “I just need a fresh start.” However, creative progress is rarely the result of throwing out all previous ideas and innovations and completely re-imagining of the world.

Consider an example from nature:

Some experts believe the feathers of birds evolved from reptilian scales. Through the forces of evolution, scales gradually became small feathers, which were used for warmth and insulation at first. Eventually, these small fluffs developed into larger feathers capable of flight.

There wasn’t a magical moment when the animal kingdom said, “Let’s start from scratch and create an animal that can fly.” The development of flying birds was a gradual process of iterating and expanding upon ideas that already worked. 

The process of human flight followed a similar path. We typically credit Orville and Wilbur Wright as the inventors of modern flight. However, we seldom discuss the aviation pioneers who preceded them like Otto Lilienthal, Samuel Langley, and Octave Chanute. The Wright brothers learned from and built upon the work of these people during their quest to create the world’s first flying machine.

The most creative innovations are often new combinations of old ideas. Innovative thinkers don’t create, they connect. Furthermore, the most effective way to make progress is usually by making 1 percent improvements to what already worksrather than breaking down the whole system and starting over.

Iterate, Don’t Originate

The Toaster Project is an example of how we often fail to notice the complexity of our modern world. When you buy a toaster, you don’t think about everything that has to happen before it appears in the store. You aren’t aware of the iron being carved out of the mountain or the oil being drawn up from the earth. 

We are mostly blind to the remarkable interconnectedness of things. This is important to understand because in a complex world it is hard to see which forces are working for you as well as which forces are working against you. Similar to buying a toaster, we tend to focus on the final product and fail to recognize the many processes leading up to it.

When you are dealing with a complex problem, it is usually better to build upon what already works. Any idea that is currently working has passed a lot of tests. Old ideas are a secret weapon because they have already managed to survive in a complex world.

In this special report we focus on the top innovations that will fuel some of the key trends in 2018 and offer plenty of opportunities for businesses across retail, travel, publishing, property management and the healthcare sector. From tackling ‘fake news’ to reviving bricks-and-mortar as well as embracing the circular economy and the power of data, these innovations aim to inspire you and support you in your mission to drive product and business transformation.

Top 5 innovation ideas for 2018

1 Smart box wants users to take control of their health

The health industry has boomed in the past five years, with the desire to achieve peak fitness levels and track progress along the way proving popular with both fitness junkies and those simply wanting to look after themselves. Technology has allowed people to access their personal data from their own homes, with smart devices, apps, wearables and personalised services meaning it has never been easier to know how fast you run, what your blood pressure is and how many calories you are consuming.

UK-based Vie’s creation of a smart box that provides readings on heart rate, blood pressure, glucose and cholesterol levels, and blood oxygen can help the user detect the early signs of chronic diseases. The simplicity of having such a device in your home provides a preliminary step when tracking health that can be used before consulting a professional. Another notable device is the low-cost product that uses temperature to detect skin cancer. We predict the continuation of steady growth in this field as the public’s desire to be healthy proceeds to grow worldwide.

2 Digital publishing platform connects artists with audiences

Cryptocurrencies came to the forefront of news in 2017 thanks to their value multiplying at unprecedented rates. While many are still sceptical of its reliability as a form of currency, it is undeniable that such forms of payments are to become more prominent in coming years, especially now investors have had an insight in how their money can grow. The Lightstreams digital publishing platform uses an Ethereum-based blockchain network to connect music artists with audiences. The network will provide transparency for artists and help avoid misallocation of royalty fees and the damage caused by fake reviews.

Polish startup Userfeeds is also utilising the power of cryptocurrencies by using it as a means to provide transparency in news, thereby thwarting the spread of so-called ‘fake news’. This unique approach to using cryptocurrency is just one way it can be manipulated for differing industries. In 2018 we will see increased transparency across all sectors through the use of blockchain technology and streamlined transactions with the spread of smart contracts.

3 Interactive and practical retail space pilots new emerging brands

Retail spaces are no longer just places to browse shelves and make purchases. Technology has revolutionised the shopping experience by replacing store assistants with robots, boosting sales opportunities with digital walls and more. A new store developed by Simon Property Group is acting as a micro-retail space for emerging brands, eliminating the high cost of renting a permanent bricks and mortar shop. The spaces provide a multitude of technology-based offerings like staffing solutions and temporary displays.

Such leasing models will help small and new companies entering their respective fields gain the publicity they need to evolve. The flexibility that comes with innovative store concepts makes it a mutually beneficial business model, with new companies keen to take advantage of such opportunities and the brains behind the models having plenty of customers. E-commerce fashion business Farfetch has taken its own approach, combining the luxury retail experience with technology. Its store creates an augmented retail environment that brings the advantages of online commerce into the physical space. 2018 will see retailers embrace the concept of ‘experiential store’ making use of new technology to gain competitive edge.

4 Virtual aquarium tunnel speeds up security checks

With security measures at transport hubs tighter than ever before, technology has an integral role to plays in providing a simple, smooth and fast solution that is reliable for both passengers and security. Biometric security systems are a popular method adopted by airports such as Dubai International, which introduced a facial recognition system within a virtual aquarium. Passengers simply walk through the tunnel-shaped aquarium and when focused on a fish, 80 built-in cameras scan the face.

In addition to this unique take on the technology, NEC Corporation has created an earphone prototype that assists secure computing thanks to authentication. The device recognizes the characteristics of a user’s ear in order to enable hands-free authentication, providing an even faster way of logging into your computer. Biometrics is gradually integrating into everything we do, and businesses adopting the technology into its own product prototypes will give a nod to the future ‘normal’.

5 AI property management saves time and money

Once featuring only in Hollywood films, artificial intelligence is now expanding the way companies approach data that can hugely impact their business action.
Manual collation or even use of basic systems can be laborious, hard to analyse and mistakes can be easily made. By using an AI system, companies can access the widest range of information possible with minimal effort.

One example is AskPorter, an AI property management platform that aims to reduce inefficiencies in workflows and change the role of property manager into that of a supervisor or concierge. By acting as the first point of contact for queries, simple questions and requests from tenants can be managed quickly and easily.

In a different industry, DemandJump has created an AI-enabled marketing platform named TrafficCloud that guides marketers on what action to take next with campaigns. Unlike traditional data collation tools that would look into page hits, for example, this new tool is able to link customer activity across devices and present a much more detailed analysis of traffic between sources. Such innovation could revolutionise the way businesses look at their data.

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Personal Continuous Improvement To Our Life: How It Works and How to Manage It?

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What is Continuous Improvement?

Let’s define continuous improvement. Continuous improvement is a dedication to making small changes and improvements every day, with the expectation that those small improvements will add up to something significant.

The typical approach to self-improvement is to set a large goal, then try to take big leaps in order to accomplish the goal in as little time as possible. While this may sound good in theory, it often ends in burnout, frustration, and failure. Instead, we should focus on continuous improvement by slowly and slightly adjusting our normal everyday habits and behaviors.

It is so easy to dismiss the value of making slightly better decisions on a daily basis. Sticking with the fundamentals is not impressive. Falling in love with boredom is not sexy. Getting one percent better isn’t going to make headlines.

There is one thing about it though: it works.

How Does Continuous Improvement Work?

So often we convince ourselves that change is only meaningful if there is some large, visible outcome associated with it. Whether it is losing weight, building a business, traveling the world or any other goal, we often put pressure on ourselves to make some earth-shattering improvement that everyone will talk about.

Meanwhile, improving by just 1 percent isn’t notable (and sometimes it isn’t even noticeable). But it can be just as meaningful, especially in the long run.

The power of tiny gains

In the beginning, there is basically no difference between making a choice that is 1 percent better or 1 percent worse. (In other words, it won’t impact you very much today.) But as time goes on, these small improvements or declines compound and you suddenly find a very big gap between people who make slightly better decisions on a daily basis and those who don’t.

Here’s the punchline:

If you get one percent better each day for one year, you’ll end up thirty-seven times better by the time you’re done.

This is why small choices don’t make much of a difference at the time, but add up over the long-term.

For much more on this concept (and an example of a coach who used it achieve huge Olympic success), read this: This Coach Improved Every Tiny Thing by 1 Percent and Here’s What Happened.

Continuous Improvement Tools

Now, let’s talk about a few quick steps you can take right now to start focusing on continuous improvement.

Step 1: Do more of what already works

We often waste the resources and ideas at our fingertips because they don’t seem new and exciting.

There are many examples of behaviors, big and small, that have the opportunity to drive progress in our lives if we just did them with more consistency. Flossing every day. Never missing workouts. Performing fundamental business tasks each day, not just when you have time. Apologizing more often. Writing Thank You notes each week.

Progress often hides behind boring solutions and underused insights. You don’t need more information. You don’t need a better strategy. You just need to do more of what already works.

Step 2: Avoid tiny losses

In many cases, improvement is not about doing more things right, but about doing fewer things wrong.

This is a concept called improvement by subtraction, which is focused on doing less of what doesn’t work: eliminating mistakes, reducing complexity, and stripping away the inessential.

Here are some examples:

  • Education: Avoid stupid mistakes, make fewer mental errors.
  • Investing: Never lose money, limit your risk.
  • Web Design: Remove the on-page elements that distract visitors.
  • Exercise: Miss fewer workouts.
  • Nutrition: Eat fewer unhealthy foods.

In the real world, it is often easier to improve your performance by cutting the downside rather than capturing the upside. Subtraction is more practical than addition.

One of the best ways to make big gains is to avoid tiny losses.

Step 3: Measure backward

We often measure our progress by looking forward. We set goals. We plan milestones for our progress. Basically, we try to predict the future to some degree.

There is an opposite and, I think, more useful approach: measure backward, not forward.

Measuring backward means you make decisions based on what has already happened, not on what you want to happen.

Here are a few examples:

  • Weight Loss: Measure your calorie intake. Did you eat 3,500 calories per day last week? Focus on averaging 3,400 per day this week.
  • Strength Training: Oh, you squatted 250 pounds for 5 sets of 5 reps last week? Give 255 pounds a try this week.
  • Relationships: How many new people did you meet last week? Zero? Focus on introducing yourself to one new person this week.
  • Entrepreneurship: You only landed two clients last week while your average is five? It sounds like you should be focused on making more sales calls this week.

Measure backward and then get a little bit better. What did you do last week? How can you improve by just a little bit this week?

Step 4: Always Think Positive

Positive thinking is a mental and emotional attitude that focuses on the bright side of life and expects positive results. A person with positive thinking mentality anticipates happiness, health and success, and believes that he or she can overcome any obstacle and difficulty.

Always thinking positive even it hard times and challenging moments in life, business, career, and with the family have a great impact to once life and future. Think positive will bring you to success and tremendous change in life. Having a positive mindset and positive upbringing will surely make influence others specially those around you.

Step 5: Be Strong and Never Give Up

Never Give Up means believing in yourself. It means willingness to accept “failure” so you can learn the critical skill of adaptation. It means not compromising on your most important values, and walking the walk, rather than just talking the talk. It means living the life you want and are passionate about.

Being Strong means able to perform a specified action well and powerfully. Having a strong will personality makes you surpass hardships in life and keep the head high while the foot on the ground. Being strong does not give people the right to suppress other but instead to be the light and inspiration for other people. Strong will person have a good leadership treats.

Here are 8 effective ways to become more mentally strong:

  1. Focus on the moment.
  2. Embrace adversity.
  3. Exercise your mind.
  4. Challenge yourself.
  5. Respond positively.
  6. Be mindful.
  7. Don’t be defeated by fear.
  8. Be aware of self-talk.

Everything really relies to the person involved and it need great courage to keep on improving ourselves and to never say “I give up”.