When looking to grow your company, it's important to consider new opportunities that can be driven through evolving existing products or expanding it new markets” says Dave Challis, VP of Innovation at RB. Coca-Cola, Velcro and Bubble Wrap are just some of our most well-known products that started life with completely different uses. Their original functions were pivoted and evolved into the consumer brands we know and love today.
The key to changing the nature of a product is recognising attributes that can be transferred from one use, with one specific audience, to another. Today, British entrepreneurs and small businesses (SMEs) recognise this approach and are optimistic that they can do the same. New research from Enterprise Nation, commissioned by RB, found that despite an imminent Brexit, 77 per cent want to drive growth by repurposing their existing products, with 78 per cent planning to scale and grow domestically and internationally over the next two years.
What it takes to drive innovation
Driving innovation is important for all companies. However, as many of us know, juggling the excitement of a new discovery alongside the day-to-day of running a business can be a challenge.
Transforming an idea into a real-life product that consumers want takes more than just passion, no matter how good the concept may be.
As the saying goes, it’s often not what you know but who you know. To take an idea from a concept into a fully-fledged business proposition generally requires help from those with market expertise and consumer insight, who can make investments in areas such as product development, marketing and PR. But getting in front of the right people can be tricky. In fact, while 66 per cent UK entrepreneurs would consider partnering with a multinational organisation to scale their business or take it in a new direction, they haven’t yet. The vast majority (86 per cent) do not even know where to start when it comes to seeking these prized potential partners.
UK entrepreneurs are missing out on opportunities to draw on the expertise of large corporations that could help them leverage existing product innovations and, ultimately, boost their bottom line. But how can they join the dots?
- Target prospective partners
- Connect with corporates
- Get in the mind of the consumer
- Understand the opportunity
- Soften the pitching
- Be open to new directions
In as little as 12 months, an agile partnership can deliver a new product to market. While it may be a daunting prospect to pitch to a corporate, there’s a lot to gain – market expertise, help navigating regulations, product development and more. Equally, they’re looking for fresh ideas to grow into innovative consumer products, it really is a win-win situation. So, what are you waiting for?