Innovative thinking is all about applying fresh and innovative techniques, methods, technology or concepts to enhance current systems, goods, services or industry practices. Sometimes you may term innovative individuals as Innovators. The word “innovative” was first used by Sir Alfred Nobel (Nobel Prize winner) in 1896, when he said, “If men could be taught to think, they would be inventors; the word invention comes from the word invent.” So innovators are those who find new ways to do things.
However, innovation is not only finding new and better ways to do things. It also can mean the discovery of new methods or new ways of doing things. In fact, many in the business world refer to innovation as creative destruction. Sometimes an innovator may seek to reduce the impact of their innovation on the environment or society. This is known as eco-innovation.
A company that engages in eco-innovation may first adopt a marketing strategy that minimizes its impact on the environment. Often companies that engage in eco-innovation will first develop a product that solves a major problem and then market it under the banner of being a green product. In doing this they create a market for eco-friendly products. As a result, customers who purchase eco-friendly products are also customers who have been loyal to that company throughout the development process.
One of the most important principles of eco-innovation and innovation is that companies develop a product or technology that makes life easier for the user. In other words, it should be worth the user’s while to buy the product. The ultimate goal of eco-innovation and marketing innovation is to increase value for money. For example, a company may develop a simple, easy to use, and environmentally friendly washing machine. When these types of machines go into homes, homeowners will begin to save money on their electricity bills. They will no longer have to pay for a large water bill to have a washer and dryer.
Companies that embrace eco-innovation and market their products under the banner of being ‘green’ also help to save the planet by using energy in a more efficient manner. As a result of these strategies a company’s carbon footprint is reduced. This means less emissions of greenhouse gases into the atmosphere and therefore less carbon dioxide. In addition to saving money on utilities, a company’s efforts to become more ‘green’ can also lead to more customers buying from them. As people become more aware of how much energy a washing machine uses, they will likely purchase one themselves.
As new technologies and innovative products are developed, it often benefits a company to collaborate with other businesses and government agencies. Many organizations now have relationships with utility companies, manufacturers, and other areas of the industry. These relationships can help to reduce costs and regulations when it comes to the implementation of new technology. In order to be successful, a company must continuously look for ways to innovate and implement new ideas into their business model.