Bringing entrepreneurial insights and innovation to your projects
When commercialising a new project, especially a social enterprise with multiple outcomes, often there is no 'known' data to base it on - only assumptions around the business model. This is where practical experience really matters - having those involved who have had to solve similar challenges in the past, who can help spot the risks early and identify the key challenges that need to be overcome.
Financial service providers try to do what we do, but their training is in accountancy, not in commercialisation. In most cases they do not do what we do in the same way.
Successful NZ businesses and Māori enterprises often mention the important role that advisors have played in their innovation and commercialisation projects. Particularly when the advisors bring practical experience with commercialising something in the past. This is different to purely financial or investment advisory, or business management.
There are many examples of where business projects failed due to having financial or legal advice, but not enough innovation and entrepreneurial expertise.
What ACTUALLY is Business innovation?
Innovation is generally thought to be just developing new products. However that is just one way to innovate. There are actually 10 different types of innovation in a business context. Some of the best innovation research shows that ‘product development innovation’, when done on it's own, provides the lowest return on investment.
1. Profit model - how you make money
2. Network - how you connect and learn from others to create value
3. Structure - how you organise and align your company's assets and talent
4. Process - how you use superior methods to do your work and create efficiencies
5. Product performance - how you develop your offering to have differentiated features and functionality to competitors
6. Product system - how you create complementary products and services
7. Service - how you support and amplify the value of your offering
8. Channel - how you deliver your offering to customers and users
9. Brand - how you represent your offerings and business
10. Customer engagement - how you develop meaningful customer connections and interaction
Our team experience covers all 10 areas of business innovation!