Why Innovation Is Crucial To The Success Of Your Business

Innovation may be defined as the use and exploitation of new ideas leading to the birth of new products, processes, or services. It doesn’t end in inventing a new concept, but in bringing the idea to market and harnessing it in a way that leads to added value or better quality. Here are some reasons innovation remains a cornerstone of business survival and success.

The competition is watching

Even small businesses today have a good online presence, and they are keeping abreast of trends and developments in technology and the marketplace. There’s no choice but to innovate and see what else can be done to keep up in the game and in fact emerge as the leader in the industry. In fact, innovation gives companies an edge in penetrating markets faster and providing better connections to developing markets, leading to bigger growth opportunities.

It fuels organizational growth

When a business has an innovative culture and spirit, it grows easily and attracts and retains the talent it needs. Innovation also significantly affects productivity and growth, as well as the resolve of everyone in the organization to make things work.

It future-proofs the business

Creativity is linked to innovation, and coming up with fresh, innovative ideas and solutions will bring the business to its desired future. This takes on greater importance in light of the emergence of new technologies such as artificial intelligence and machine learning where machines can take away a lot of the functions people can perform. How a company differentiates itself from machines through innovation will be very critical.

Peter Zieve is an inventor and innovator with 23 patents. He is also the founder and CEO of aerospace automation company Electroimpact, Inc. For similar reads, click here.

Stem Education: Leading Breakthroughs One After Another

The areas of science, technology, engineering, and mathematics, also known as STEM, is important as the world relies highly on them. Contrary to popular belief, STEM is more than just lab coats and coding. This field of study support healthcare, manufacturing, food production, and many more.

STEM education is commonly regarded in the field as “experiential learning” with it being hands-on and skill-based in nature. This type of education is fun and requires students to do tasks on their own. As a result, they discover certain knowledge or develop specific skills. There is a need for more developers who can code, innovative thinkers who can analyze, and engineers who can design. Students, while pursuing their interests in arts and humanities, can still be provided basic STEM skills to close the skills gap in that area.

Studying subjects that place emphasis on STEM enables students to have excellent attention to details, which is required in the workplace. Analytical skills are important as these are used in research, project planning, development, and drawing conclusions in research studies. STEM education creates a whole other world of opportunities for learners to become innovators. Project-based learning would enable them to find out for themselves solutions to everyday problems which can be helpful in making life easier for those who aren’t equipped with the same skills as them.

STEM skills aren’t taught in every classroom—however—students can enroll in STEM courses, programs, and even summer camps to encourage them to develop analytical skills at an early age.

Peter Zieve is an inventor and innovator with 23 patents to his name. He is also the founder and CEO of aerospace automation company Electroimpact, Inc. For more information about Peter, click here.