Kensi Gounden: Use innovation to Grow Your Business

The successful exploitation of new ideas is crucial to a business being able to: improve its processes; bring new and improved products and services to market; increase its efficiency; and, most importantly, improve its profitability.

It is important to be clear about the difference between invention and innovation. Invention is a new idea. Innovation is the commercial application and successful exploitation of the idea.

According to Kensi Gounden - innovation means introducing something new into your business.

=> improving or replacing business processes to increase efficiency and productivity 
=> developing entirely new and improved products and services 
=> adding value to existing products, services or markets to differentiate the business from its competitors 

Success comes from filtering those ideas, identifying those that the business will focus on, and applying resources to exploit them.

Kensi Gounden - Being an innovator does not always mean you benefit. You still need to execute.

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