Research and Innovation are Essential to Start-ups’ Success
In the current scenario business development, through innovation and entrepreneurship become the major concerns for providing job opportunities to young professionals. In India, various startups have provided thousands of jobs in passing years. With the rapid growth of the competitive business world, research and innovation are playing an important role in the success of newly started businesses (startups). Start-ups that are based on innovation are frequently led for success and long-term growth, whether they are upending established businesses or breaking into entirely untouched markets. Start-ups can shape out a place for themselves and draw in their target market by providing distinctive goods, services, or solutions. Successful Startups can fulfill customer needs and quickly find solutions in creative behavior, using technology through innovative ideas. Through organic and inorganic marketing techniques, cutting-edge technology, or creative business models, successive start-ups can completely redefine the entire business.
In the growth of business, research & innovation, and updating technology related to the fields are very important. Extremely creative businesses can venture into new areas, and discover new clients and financiers, and undiscovered returns streams. The demanding search for innovative ways to create value and advancement whether by implementing products, optimizing workflows, or refining business models is essential to empowering startups to increase, extend and understand their full potential. An innovative environment always promotes thinking out-of-the-box behaviors. This behavior provides a way to lead with the competitors.
Various entrepreneurs have established Unicorns (privately owned startup businesses worth more than $1 billion) that value invention and provide opportunities for progress, creativity, and impact in today’s strong competitive position. Ultimately, it can be said that invention plays a very important role in the success of start-ups. In today’s competitive business background, invention offers a significant advantage to start-ups by promoting separation, variation, problem-solving, and growth. Start-ups can achieve success by emphasizing creative thinking and refining a culture of investigation and creativity.
Author
Prof. Nitesh Gupta
AP, CSE, NIIST