The pandemic would have a ripple effect on businesses for a long time. From implementing social distancing measures to an increased use of remote access and online options, businesses would have to aggressively shave off costs – through more automation and layoffs
The purpose of this article is to advocate that businesses do not have to shrink, if they are willing to change and adapt. While reduction of jobs seems certain, businesses face an existential threat if their approach is to only cut costs while maintaining status quo. In fact, anything short of an intentional approach to ideate and execute, they risk getting extinct. We argue that to thrive in this fiercely competitive landscape, innovation would yield great returns as opposed to replication.
Businesses would need to “smell cheese often so that they can detect when it is getting old” . They have to be willing to adapt to change, challenge assumptions with realities and differentiate from a traditional approach of doing business. A quick study of organizations that have thrived through past recessions and presently hard-hitting economic realities suggest that they all have one thing in common: Innovation.
Innovation is “getting some group of people to accept a product or idea as a new best practice based on research”. Innovation is the heart of entrepreneurship and it is a good strategy for business owners to gain a competitive advantage in a difficult economy.
Understanding the process of innovation, why it is important and how to implement it in sprint tests can be the key to survival of any business. Many people and organizations consider innovation so difficult that they are too intimidated to even try. They think innovation means invention – which is totally wrong. While “invention” refers to the first-time creation of a product or service, “Innovation” means improvements on an existing product or service.
There are some innovative leaders like Amazon, Facebook, Google who engineered their continuous reinvention and creation of new markets through constant innovations. They changed processes at the core of their industries to disrupt the status quo and this has kept them afloat for decades.
Regardless of the industry type or current standing, an organization cannot expect to maintain a competitive edge if innovation is not part of its overall business strategy. Investing in innovation will help you grow your business, stay ahead of the competition and help you take advantage of new technologies.
How Open Innovation Can Reduce Innovation Cost
As mentioned in my previous article, investing in innovation will help you grow your business, stay ahead of the competition and help you take advantage of new technologies.
However, when it comes to innovating, the challenge for most companies is how to spend money smartly. To be able to innovate at an increased pace, companies need to reverse this predicament by weighing the costs with the potential profits and make the best decision.
One of the best ways to reduce the cost of innovation as a company is by applying open innovation methods and principles;
Prof. Chesbrough defines open innovation as “the use of purposive inflows and outflows of knowledge to accelerate internal innovation. And expand the markets for external use of innovation, respectively”. The advice for companies looking to innovate is that they should make use of external and internal ideas or paths to market, as they look to maximize profits and minimize cost from their innovative activities.
Organizations are partnering with a wide range of external parties such as startups, software publishers etc to tap into their ideas, insights and solutions. With open innovation, you would be reaching a large group of potential partners quite easily. The good thing is, you would only pay participants if a solution is found. This way, the overall cost is likely to be smaller in relation to the amount of ideas and input. This is profitable for companies especially in a downturn.
For example, in 2006, Netflix offered a reward of 1M USD to the team that could deliver successful innovative method, instead of attempting to develop this internally with no guarantee of success. This process was cost-efficient and also reduced the risk of a failed investment. Although, Netflix did not use the original winning algorithm, there were other excellent candidates to choose from. They went with one of the runner ups who also had something close to what they were looking for.
This paradigm when done effectively would help mitigate many of the risks involved in innovation. Thereby giving you a better chance at securing the best results for your organization.
Top 3 Social Trading Platforms For Copy Trading
Let’s talk about social trading networks, shall we?
Imagine earning from Forex or a trade without having to dedicate most of your time and resources. Imagine the ease of learning how each strategy works when it comes to trading. This is what social trading allows you to do and far more. What is social trading? You might ask, don’t worry, I will tell you.
Social trading is a form of investment that permits investors to watch the trading behaviors of both their peers and experts within the trading world. It allows you to follow their investment strategies using either copy trading or mirror trading.
This method of trading makes it easy for beginners to link their trading accounts to those of expert traders and imitate their trades automatically. It was even described by the World Economic Forum as a low, sophisticated alternative to traditional wealth managers. Little or no knowledge of the financial markets is needed.
Lately, social trading is being talked about as one of the best things to have happened to the online trading community. There are numerous Social trading platforms out there, it keeps increasing. However, here is our Top Three Social Trading Platforms with some of their main features;
Founded and run by Yoni Assia, eToro is a great platform for starting traders. It provides a huge variety of investments and also a community of traders where users have the opportunity of interacting with each other like every other social media platform. With their News Feeds feature, users have the opportunity to monitor and manually copy any trader of their choice.
This platform has an interesting feature called the Copy Trading where users can automatically copy traders in bits thereby managing both exposures and risks. What I love the most about this platform is the free and unlimited demo account made available to everyone.
2. Naga Trader
They boast of having some of the best social trading features that include social networking, social trading, copy trading, and innovative investment services such as the NAGA portfolios.
Social networking involves, starting a unique project that traders from all over the world can join hands to work on. Copy-trading allows Naga traders to reproduce the success of elite traders and make it their trades. These two practices have gained popularity within the global markets so much that Naga Traders were nicknamed – the “Tinder Of Trading”. This platform also gives you access to their social trading network where you meet, interact, and share with fellow NAGA traders
Founded in 2017, ZuluTrade is a Social trading system that works with dozens of brokers. It is best for hosting the most advanced social trading features. This platform works by gathering many elite investor trading data and records their trading strategies. You can analyze this in a minute and replicate their performance by customizing the risk and investment management. You can also have access to a free demo account, where would practically learn how to start and clarify your ideas.