ADVANTAGES OF INNOVATION

 Every business can benefit from innovation in the following ways;

1. Developing new products.

A firm can make an exclusive basis based on the review of the needs of the end- users of its production and their environment. Through innovation, new technologies can be located.

2. It assists in marketing

Innovation helps in packaging and positioning the business products for global distribution, for example, developing state-of-the-art electronic commerce and distribution programs.

3. It helps in developing additional distribution channels and added value that can make one’s service stand out.

4. It helps the entrepreneur to find new applications for existing software.

Therefore improvement in effectiveness eases the use and perceived value of one’s software.

5. It enables the entrepreneur to successfully market on internet.

Through innovation, an entrepreneur can review his or her objectives and compare to customer needs. He or she can determine what is not working and implement a solution.

6. It helps non-profit institutions to adopt innovative fundraising.

Such institutions through innovation can integrate services that bring revenue into the organization.

7. Seeking financing.

One can innovate alternative approaches, create alliances with venture partners and reposition one’s opportunity to match the interest of investors.

8. It helps the entrepreneur to offer more choices to customers through provision of a variety of new products.

9. It helps the entrepreneur to reduce costs of production through adoption of new efficient techniques of production.

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