Innovation resources: top 4 for entrepreneurs

May 26, 2015Nii Ashalley

Innovation resources help validate the feasibility of our thoughts and visions, and thus execute them based on significant research.

Nov 04, 2016
Daymond John: Millennials lead in smart business technology

Jan 22, 2016
Pakistani economy cuts deficits in half in 2015

Nov 16, 2015
MOTO 360 2nd Generation review: A premium design

Why do you need innovation resources? Because they help us validate the feasibility of our thoughts and visions, and thus execute them based on significant research. We need some supportive elements to study the prospect of an idea and incorporate a dream.

Innovation resources help sustain business

While talking about innovation, we would like to recall a beautiful thought, “What may seem strange today has a solid shot at being the next big thing tomorrow” this is what Andrew Reid, the founder of Vision Critical believes. This is what should inspire you to innovate. Also, understand that innovation resources help provide sustainable business. And your choice of resources is key to your business success.

Let’s talk about the resources. We can’t think of innovation resources without thinking of technology. Perhaps, that’s because it’s the source of imagination and creativity. Technology has an improvised innovation horizon. Also, we can’t innovate without the help of technology.

So, this deeply integrated relation between innovation and technology works in our best interest. But remember, that’s not the only thing that we require for innovation. We also need information and education, economic and business support, and also capital to start thinking about incorporating innovation.

So, what we can consider as innovation resources are – technology, information, education, and capital. These things you’ll need if you want to innovate and start as an entrepreneur

Role of Technology as Innovation Resources

You need technology to help your business, isn’t it? And if you want to incorporate an innovative idea, you’ll need to depend on it even more.

The technology ensures the control of your business process remains on your hand. Technology reduces business operation costs. You can communicate effectively with your employees through a centralized communication channel, for example, online. Technology even helps a business create sustainable business practices.

Role of Information as Innovation Resources

We need a lot of information for innovation. We need to research a lot and find out the validity of our thought. We need data. For example, when we think of launching a new product in the market, we need to see whether the target market really needs that.

We need to talk to customers, get their opinion and find out what they would prefer to have. As access to information is important for innovation, we consider it as one of the most important innovation resources.

Role of Education as Innovation Resources

Education expands the knowledge horizon. Innovation is not possible without the help of education. We talked about technology before. But technology can’t stand alone without education. We need the education to know how to use technology, experiment with technology, and think of possibilities of improvements.

We need people to help us with our innovation. But these people need to be educated and trained to be a part of the experiment. This is why we need education for innovation.

Role of Capital as Innovation Resources

Last, we need monetary support to execute our innovative idea. But before execution, we need research. And there we’re going to need a lot of investments. You might have seen entrepreneurs finding out ways to get their ideas funded. So yes, capital is also one of the very important innovation resources.

Nii Ashalley

Nii Ashalley is the inspirational voice at The Business Frontal. His uplifting quotes, dubbed "Ashalleyistics", have encouraged many entrepreneurs, start-ups and leaders to achieve their maximum potential. He is a seasoned counselor, a life and business coach and an author of many call to action business articles.