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What does innovation mean?

Innovation

What does innovation mean?

Much is said about entrepreneurship thanks to innovation, its importance in economic development and its value as a tool for creating wealth.

But what really is innovation?

Innovation. Undoubtedly one of the most used concepts in today’s entrepreneurship environment, but at the same time, one of the most difficult to put into practice.

This happens because most individuals and companies are not even clear about what innovation is, and assume that talking about innovation is the same as talking about creativity or technology. Others think that innovation is a luxury that only large multinationals can afford, with their multi-million dollar budgets and sophisticated research and development departments.

In Wikipedia we can find a definition of innovation as a change that introduces new features. Furthermore, in colloquial and general usage, the concept is used specifically in the sense of new proposals, inventions and their economic implementation. In the strict sense, on the other hand, it is said that ideas can only result in innovations if, thanks to them, new products, services or procedures are implemented, which really find a successful application, imposing themselves on the market through diffusion.

“Innovation are original ideas that generate value, social or economic, in a sustainable way”

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The term innovation refers to that change that introduces some novelty or several. When someone innovates, they apply new ideas, products, concepts, services and practices to a certain issue, activity or business, with the intention of being useful for increasing productivity.

Characteristics of innovation 2021 in a Latin American context

There are multiple types of innovation. However, here we show you some of the characteristics that have the most potential for the future in.

General characteristics:

  • Set metrics to measure innovation
  • Create a culture of innovation in the company
  • Generate and make ideas come true

Specific innovation characteristics:

  • Label-free (octagons, GDA, traffic light)
  • Low or sugar free
  • Low or free in saturated fat
  • Vegan
  • Transparency
  • Value chain
  • Innovation processes
  • Circular economy
  • Local ingredients
  • Beyond Fair Trade
  • Community involvement
  • Ecological ingredients and packaging
  • Lab grown protein
  • Reduction of the carbon footprint in the product and / or processes C02

How do companies of the caliber of apple and google innovate?

They generate employment, economic development and the improvement of quality in companies by innovating, they manage to differentiate themselves from the competition, increase sales and reduce costs while attracting collaborators for people.

Different types of innovations from real companies.

Business Model

On the way in which profits are generated

The North American company DELL revolutionized the business model of the personal computer industry by collecting payment before the computer was assembled and ready for shipment, generating a positive net flow of seven to eight days.

Process

On proprietary or superior methods of how work is done

The Swedish company IKEA optimized the way it manufactures and markets its products through standardization of its modular units, the use of the same set of materials for assembling furniture, the same product catalog in all regions and a system of self-service so that customers can collect their purchases.

Product system

On the complementarity of products and services

The North American company MICROSOFT markets a set of software as a suite of productivity applications (Excel, Word, Powerpoint, etc.), which allows it to generate a quasi-monopoly platform offering.

Service

On how to provide value to customers around and beyond the offer

The North American company STARBUCKS offers a service experience that goes beyond coffee and that allows generating loyalty from customers who appreciate personalized attention and the feeling of being at home, generating a third social space, different from home and work.


Brand

On how the offer of the company and the company itself is represented

The British company VIRGIN has developed has extended its brand to products as diverse as telephone, airline and retail services.

Incremental

The American company APPLE was centralized in this regard. They believe that their products were not innovative, while others see it as the most innovative. Individually, most of the technologies were not new. But the iPhone, as a product in the then new smartphone market, was a revolutionary innovation. The app business model was also extremely innovative.

Permatree Superfoods Logo
Permatree Superfoods

PermaTree Superfoods Innovation

Innovation with ancestral dehydration methods and cutting edge technology in conjunction with the principles of the circular economy and sustainable agriculture (tropical agroforestry and permaculture). 

Resulting in the opening of the international market for superior quality thanks to certifications throughout the value chain. To innovate is to increase the value of society in the productive territory of Zamora-Chinchipe and Morona Santiago. Our two most innovative products are the silk-like bananas (Guineo Seda) cut into squares and dehydrated. Soursop leaf tea (Annona muricata) in pyramidal sachets.

Entrepreneurship with purpose

The world as we know it is changing. Companies are not only recognizing the value of income, but the value of purpose. The rise of the purposeful innovation movement is causing companies to examine their values ​​to truly make a positive social impact. Doing for doing is no longer acceptable. Welcome to the new era of purpose.

Innovation with purpose beyond just income!

Finca Yantza has a purpose to create positive change with positive social, environmental and economic results. That has a name and is called a triple impact entrepreneurship.

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