__”From idea to value creation”… Where are you in the #process?
What a busy and inspiring few weeks. Now let’s get back to the basics again: “Marketing and innovation make money. Everything else is cost!” M+I-C=Profit. There are (only) three ways to make money as an entrepreneur, and ultimately as a business: #Marketing, #Innovation, and #Cost Management.
The only time this does not apply is when there is a monopoly, or there is corruption, or illegality. Businesses that are protected by monopoly status such as state-owned companies are rarely given any incentives to come up with innovations, and generally know nearly nothing about marketing. Most certainly don’t apply themselves to cost management, and so they almost invariably become loss-making!
This is not rocket science.
Now as many of you know, #Competition generally drives entrepreneurs and businesses to spend more resources on #Innovation and #Marketing.
The Digital Age is beautiful because it gives entrepreneurs such a massive canvas for Innovation. I sometimes feel like an artist who has been given paint, brushes, and canvas, and just allowed to paint all day!
I can #Innovate all day!
What about you?
Going back to the basics, what is your own definition of “Innovation”?
Here are a few answers to think about from an “Idea to Value” article my team sent me, with thanks to the authors and experts:
“The fundamental way the company brings constant value to their customer’s business or life and consequently their shareholders and stakeholders”.
“Work that delivers new goodness to new customers in new markets, and does it in a way that radically improves the profitability equation”.
“The implementation of creative ideas in order to generate value, usually through increased revenues, reduced costs or both”.
Thanks to all the experts. You can read more of their ideas here:
Personally, I love #Innovation and #Marketing because I’m an entrepreneur. Those are my favorite tools for making money. I especially love #Innovations that are linked to #ProblemSolving and #CostManagement in a business.
The bottom line is this: I love innovations, because the best ones solve problems and make money!
Strive Masiyiwa is the founder and Executive Chairman of the Econet Group. He serves on several international boards including Unilever, and the Global Advisory boards of the Council on Foreign Relations and Stanford University. A board member of the Rockefeller Foundation for 15 years, he also serves as Chairman of the Alliance for a Green Revolution in Africa (AGRA). He is a co-founder of the Carbon War Room, Pathways for Prosperity, and the Global Business Coalition on Education. He and his wife, Tsitsi, co-founded the Higherlife Foundation and are signators of the Giving Pledge.View all posts by Strive Masiyiwa