Innovation is a critical component for triggering and sustaining growth in any company. Look around, and you will see that to be true. Meta, Alphabet, Walmart, Uber, Alibaba, Airbnb, Tesla, SpaceX, and so on have achieved a competitive advantage over competitors.
Airbnb is a platform business model company that is in the growth stage. Its customer-centric vision is supported by continuous product innovation. The company has succeeded in disrupting the hospitality industry.
Walmart is a mature stage company. It has succeeded in keeping itself ahead of the competition for over fifty years. The company has prevented going into decline through sustained innovative digital transformation.
Apple is an innovative product company. It has a dedicated following who love the user-friendly designs of Apple products. The company has stayed on a sustained growth path behind its innovative products. A product design-focused organization and business processes have helped the company reach a valuation of over US$2trillion.
Elon Musk has acquired a reputation of being one of the most innovation-focused founders in the US. His ventures are known to operate on the frontiers of science and innovation. Elon Musk’s companies, SpaceX and Tesla, have an Agile business model. These are companies that are in the Growth stage. The pace of innovation of Musk’s companies is comparable to those displayed by startups.
And I can go on and on.
Make innovation part of your company culture, deploy the right strategy, use a business model that best fits your company, deploys appropriate marketing tools, and focus on your customer. And you will have a successful, thriving company.