Written by Craig Whitcomb
In the ever-evolving landscape of business, the importance of innovation cannot be overstated. Companies that embrace a well-defined innovation strategy position themselves for long-term success, staying ahead in a competitive market. Remarkable Venture offers a safe and efficient marketplace for innovation. The process is as simple as matching your customer’s problems with problems described in the listing, signing an impartial NDA and getting your solution! No strings attached.
At the heart of any successful business is the ability to grow and generate profits. An innovation strategy aligns efforts towards creating new products, services, or processes that cater to evolving customer needs. By continually innovating, a company can tap into new markets, increase its customer base, and ultimately drive growth and profitability.
Henry Chesbrough, a professor that taught at Harvard and Berkeley wrote a book titled: Open Innovation: The New Imperative for Creating and Profiting from Technology, and contributed to an article in Forbes titled: Everything You Need to Know About Open Innovation. He explains that the primary version of open innovation brings outside ideas into a company, which reduces cost, increases speed to market and improves variation in the market. He also explains that companies of all sizes are incapable of excelling at innovation on their own. Though his expertise is primarily in technology, I believe this principle applies to all innovation and shows that open innovation a crucial strategy component for most any market.
Markets are dynamic, and consumer preferences evolve. A good strategy for innovation enables companies to adapt swiftly to these changes. By staying attuned to market trends and anticipating shifts, businesses can proactively adjust their offerings, ensuring they remain relevant and resilient.
In a world where competition is fierce, having a competitive edge is crucial. An effective innovation strategy helps companies differentiate themselves. By offering unique solutions or addressing customer pain points in novel ways, businesses can stand out in a crowded marketplace.
Innovation isn’t limited to products or services; it extends to operational processes. An innovation strategy can identify opportunities for streamlining operations, reducing costs, and improving efficiency. This, in turn, contributes to a more agile and responsive organization.
Today, many companies are realizing that they can elevate their innovation programs by stepping outside of their limited internal product development programs and embracing external collaboration. But the road to external innovation can be perilous and ill-defined.
Remarkable Venture offers a bridge to a world of untapped ideas and solutions. By connecting with innovators outside of the traditional organizational boundaries, companies gain access to a diverse pool of creativity and expertise. The platform’s efficient problem-solution matching process enables businesses to swiftly identify innovations aligned with their strategic goals.
External perspective not only brings fresh insights but also accelerates the pace of innovation, ensuring that you remain agile in the face of evolving market demands. In essence, Remarkable Venture serves as an invaluable resource, empowering companies to broaden their innovation horizons and stay at the forefront of their industries.
The obvious first strategy is searching for the right type of idea. Our search engine is straight forward and easy to use with the advanced search options to find exactly what product categories and development stages you are looking for. Some companies prefer fully developed and patented, trademarked or copyrighted ideas, while others want to have more control over Intellectual property. Decide if you would like to find ideas in early development and negotiate additional work with the inventor or possibly do some of the development in house. Choose fully developed and patented ideas that may cost more in royalties. You may decide to be very quick to market and avoid IP protection all together. Plan your strategy and execute accordingly.
Remarkable Venture uses a simple and impartial NDA. Some inventors prefer or even require an NDA but all inventors feel more comfortable discussing their ideas with one. Many companies also require them to protect their business and minimize legal risk. With our NDA, your business will not be adversely affected and you can both feel comfortable sharing the necessary information to find a great solution.
There are several ways to learn more about the idea creator on Remarkable Venture. Review profiles to see what experience they bring and to view a history of their listings. Use ratings and reviews to see how the inventor interacts with others and what level of knowledge they are willing to share within the community. See how they react to feedback from others in the community as well.
Listings are equipped with ratings and reviews as well. The feedback can give you a sense of the community’s response to a listing. You can see what changes were suggested and how the creator responded to the feedback. If you see a lower rating on a listing don’t assume it is unworthy of inquiry. The intent is for inventors to leverage community feedback through ratings and reviews for improvements that will give you the best ideas .
To be most effective visit Remarkable Venture daily and check your notification bell (located at the top right of your screen) or search your specific categories for new listings. This way you can be the first to find a good idea and quickly retain the solution to pause the listing.
Another strategy tip is to join the community and fill out your profile ahead of time. This will give inventors access to information about you and your company. Inventors are more likely to respond quickly to your inquiry if they know something about you first. You can use your profile to let inventors know what types of innovation you accept and what level of development you prefer. Add innovation statements and other attractive details about your company. You can provide examples of your products and even link your website for reference.
Also, as a community member you can get to know the inventors and earn good ratings & reviews from your interaction. This builds trust and confidence which often brings quick responses. Networking in the community is a great way to stay in touch with inventors and start building relationships.
Soliciting in the community is strictly prohibited but if you are interested in posting a listing for your company seeking innovation or creating a listing anonymously to solve a specific problem, contact us and we will do our best to help.
Companies often have a number of approvals that must take place for a licensing agreement. Sometimes the decision could take days or weeks to complete. If a listing is available on Remarkable Venture during this time, it could easily get snatched up by a competitor.
When you find the right listing and recognize a great solution by contacting the inventor, one method is to offer them a retainer to pause the listing and hold the idea for a specific amount of time. This gives you time to get the necessary approvals in place. It also gives you a chance to begin a relationship with the inventor that may be long lasting. All the while keeping competition at bay.
To get additional tips on securing innovation, read 3 Step Strategy for Securing Innovative Ideas
Please help the community by adding your expertise relating to this article or asking/answering questions in the group discussion below. Remarkable Venture does not offer legal advice. Consult with a qualified Attorney for decisions concerning your particular needs.
