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  • Writer's pictureGreat Companies

Ideas for New Products and Inventions

Sep 12, 2017

The very compelling need to establish new streams of revenue can often force companies to dedicate their manpower to table fresh ideas for products that can achieve the same, and the unearthing of these potential goldmines is an irreplaceable part of keeping a business afloat. Thus, here are some tips to foster new products and inventions suited to your firm's requirements.

Of course, creating a work environment or, even better, a comprehensive and well thought out work culture dedicated to creativity and encouraging of new ideas can go a long way to aid this procedure, while some fabled methods of formulating ideas such as the brainstorming sessions involving entire company workforces that have gained notoriety in the past few decades with the rise of technological behemoths the likes of Apple too are of a great help.

A thorough rundown of company statistics and analytics too can throw up a myriad of previously unknown facets of the firm's dealings, while shedding light on essential consumer buying patterns and their preferences. Such data driven information can then aid the particular firm in question to shape forthcoming products directly based on these numbers, and cater more specifically toward a particular crowd, be it their small, but loyal group of customers obviously willing to spend exorbitant amounts on their products if the quality is present, or the larger audience that will be attracted by typical mass market goods and offer little in the way of forging brand loyalty.

A similar point is truly exploring the financial sector the firm exists within and its possibilities. A critically charged evaluation of competing brands and the products and services they offer can aid the firm in innovating products that might not be found with any of their competitors, while reflecting upon consumer feedback and complaints regarding a particular line of products perhaps offered by multiple brands can let them fill in the gaps and add the modifications the public might desire. Of course, the entire evaluation method hinges upon the philosophy of necessity being the mother of invention, and keeping this in mind can go a long way in identifying well and truly what a firm's target audience lacks in their daily lives, and birth products toward servicing the same that will most probably have been ignored elsewhere.

Another alternative is to simply fund third-party ideas, with the practical application of the same being seen in the exorbitant scholarship funds birthed by large, mostly technological multinationals for students in esteemed engineering institutions the likes of MIT, securing a host of ideas from potential entrepreneurs for little cost except the initial investment toward the fund and keeping their own employees busy with company work, doing away with the distraction a period of coming up with ideas might become in a more traditional firm.

Lastly, a majority of this procedure is concerned with enabling all sorts of ideas to be tabled and considered with serious thought before being disregarded, and keeping record of each spectre of innovation that might pop up in one's mind is of great importance. It must also be noted that not all great ideas might be fleshed out completely at their first thought, and its simply allowing a very basic premise to grow and be added consistently toward to formulate a proper product that works most of the time for the largest amount of people, making it essential for budding entrepreneurs or those brainstorming for their firms to not get discouraged. Of course, ideas and inventions alike are the products of creativity, and any institution or individual that can sufficiently allow the same to prosper will undoubtedly never be at a loss for innovation.

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