Victoria, Australia – There have never been more opportunities for new innovative business models than there are today. Businesses should bear that in mind when they set out to innovate’ says Andrew McLellan, who oversees the INNOVATIVITY® program at AMCRC. Global business empires have been founded on one good idea. Ray Kroc was a simple salesman who traveled the US selling milkshake machines to local restaurants. He changed the world.
In California, Kroc visited a restaurant run by the McDonalds brothers. Fast food made in a repeatable, systematized way seemed like a good idea. It was – he took the idea and developed the empire known as McDonalds. Mr. Kroc was innovative not just in his restaurant, but in the evolution of a business system for fast food.
To ensure survival, McDonalds still have to innovate. The trend towards healthier food led them to change recipes and innovate new ones; the health movement is pushing them towards a new menu and a new focus. Because of this, McDonalds remains an icon of the fast food industry.
Another innovation strategy is to take an existing technology, such as the Internet, and use it in a new way – as did Amazon, becoming one of the first online retailers. The need was there (shopping), and the technology was there (Internet). Jeff Bezos set up Amazon and welded these key components together, becoming the number one leader in the online retailing industry. Still innovating, Amazon took a look at not just current trending, but predicted trends. This meant that they could pre-empt the market and provide new services to their clients that they did not yet realize they even needed.
McLellan emphasizes that anyone in business has opportunities to combine existing technologies in new and novel ways. Technology and market changes have created more opportunities to adapt existing business models in profitable new ways. ‘Being flexible, positive and open to new possibilities is central to innovation success. Remember to look for new angles on existing businesses and start from there’, he reiterates.
For more information about Innovation Training please visit our website.
AMCRC is the creator of INNOVATIVITY® – a practical, hands-on innovation-management program for Australian organisations developing products and services. Facilitated by world-class experts with decades of successful innovation, INNOVATIVITY® delivers workshop consultancy and training to entrepreneurs and senior managers. Innovation techniques are immediately applicable in day-to-day business for rapid results.
Contact: Andrew McLellan, Commercialisation Manager
Level 2, 24 Wakefield St
Hawthorn 3122, Vic.
Voice: 03 9214 4780