To strive in business, one of the very many ingredients in the pot of success is innovation; learning to adjust and be creative in an area where it lacks. When applying innovative techniques, the risks can be high, but the rewards are also worth it. Not only does innovation help your own business, but it adds to improving the economy as a whole. Just think of Amazon and how much of a superpower it has become with our increasingly online world, now injecting billions to the global economy each year
Here, SeedReady share 5 ways innovation will save the global economy:
Cost efficiency – with the digital age, innovation is much more cost-effective; reducing overheads for physical space, and not always needing a production line, you can improve on sales, but employ a larger workforce without having to invest as much.
Outsourcing – on the topic of employment, the outsourcing method allows for hiring the right people at the right time. In turn, agencies can outsource their staff for numerous projects without necessarily being on over-inflated wages. As a startup, this means that you don’t have to have full-time staff on the books in the early stages.
E-commerce – serving your goods and services to a consumer market has never been more accessible as e-commerce makes the process more manageable by reaching a wider audience through improved mobile services such as apps. This is cost-effective for the consumer, but also the small business.
Energy usage – as reliance on digital technologies improve, so too will the efficiency and cost of energy usage. If the demand increases, the energy market becomes even more competitive, allowing for digitally-based businesses to expand their network with necessarily needing physical assets.
Through competition – having the competition creates the desire to improve and be better than your peers. This leads to innovation through cost-cutting processes, improved employment rates as a business expands, and an audience appreciative of the choices available to them.
SeedReady is a revolutionary acceleration platform for startups, supporting early stage founders from the moment their ideas are born until they’ve turned into a successful venture. Meaningful support is vital for a startup to truly become a success. That’s why the experienced team at SeedReady are committed to offering the tools, education and community resources needed to get entrepreneurs on the road to success. Accelerator participation has exploded recently, mainly because it has been linked to improved startup survival rates, employee growth, and securing successful funding rounds.
However, SeedReady differs from the crowd in two key ways: 1) they don’t take equity, so founders don’t have to feel like they’re losing control, and 2) most accelerators are only designed to work with startups that have launched, while SeedReady is willing to work with startups that are only at idea stage – a rarity.