The competition in every field is increasing. With internet playing an important role in knowledge sharing, R&D has become extremely important for companies to survive. Earlier one successful product from a company was enough to establish them as big players. Now if you release one good product within 6 months there will 10 different products better than yours. R&D makes sure that your brand value doesn’t go down in the market. If you have a unique product you can sell at higher prices until the uniqueness is trumped by other products. One way to look at it is to get feedback from your existing customers. Get a feedback from them and understand what made them pick up the product, the short comings of the products or whether there could be any improvements to the current design. Always set aside a portion of your company’s annual budget to R&D. This ensures that the flow of ideas does not stop. Also invest in talented individuals who can bring in new ideas to the table. Always think about long term ideas and if you have to collaborate with other companies to bring your ideas to life, do so. There are always young people with incredible ideas looking for funding. Give them time to explain their innovation. If they are worth investing, invest in them. This is one of the easiest ways to merge your experience with an innovators talent to create a successful product. Create an environment where brainstorming is encouraged. Generate a pool of ideas and explore the possibilities. Ask your team to be creative; don’t shoot down even the most absurd of ideas. Explain to the direction that you intend to move in and ask your team to think in those terms. Also appoint someone who is capable of handling brainstorming and who has an eye of the next big idea as the chief innovation officer. Few more are coming soon at mogotech.
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