Innovation and entrepreneurship are the essential key ingredients in building a successful business and commercial venture. The ways in which these two concepts fuel enterprise is something that a entrepreneurs should never stop exploring. “I totally believe innovation and entrepreneurship move together. Believe me any successful entrepreneur had never stopped making his or her efforts in exploring new things”; Dr Nalli Ramya, CEO/Founder of RAMICOS COSMETICS.
Innovation is a facilitator of the entrepreneurship and a way of empowering the people to take charge of their lives and economic prosperity. At the same time, entrepreneurship is the answer to innovation both at individual business- level. It also stimulates general business sector growth of a nation. Flourish in entrepreneurship entails a focus on ingenuity, amalgamating innovation and strategic business practices. It is important to understand that innovation doesn’t happen overnight and requires time and endeavor to generate something actually innovative that will make a difference.
Innovation and creativity walk hand-in-hand when it comes to entrepreneurship. Innovation is the only Tool to Solve Problems. One needs to understand is that innovation quintessentially is about seeing, perceiving and solving problems in creative ways. A deep sense of passionate purpose and futurist thinking are required to deal with solving stubborn issues and come up with effective entrepreneurship-based solutions.
Considered as a global movement, entrepreneurship is presently embryonic in emerging markets like India. Social, women, and youth sectors are the sectors that demand innovative solutions, and entrepreneurs have a large playground to cater to, with out-of-the-box ideas that will impact the quality of lives and contribute towards making the world a better and more sustainable place.
Both central and state governments across the country are now realizing that entrepreneurship is a vehicle of economic success and prosperity that can be instrumental in promoting entrepreneurial endeavors through different schemes and programme. Finally, the rise of new impact investors is a big step forward for new enterprises that thrive on innovation.
“It’s the new introduction of novelty in a given market or the industry, such as the new products, new services, methods, sources of supply or organization and at the same time, there’s a strong emphasis on successful commercialization - that is, an innovation is more than an idea or an invention, it’s the result of taking it to market.” It’s very clear that innovation and the entrepreneurship are closely linked; sometimes these terms are even used interchangeably.
But, as two distinct yet interrelated concepts, it can be tricky to pinpoint the exact relationship between them. The entrepreneur represents the missing link between invention and innovation. Indeed, an entrepreneur is someone who is willing and able to transform an invention into an innovation.
It’s very important that how an entrepreneur positions themselves, gets funding and manages their venture to become successful. Innovation is about the process and organisation needed to generate ideas in any context.
The ability to innovate in this sense isn’t just a vital component of a thriving business, but can be seen as an essential aspect of entrepreneurship itself. Many large companies like Apple, concentrate mainly on innovation but innovation exists within smaller, entrepreneurial businesses too.
One thing that’s always helped grease the wheels of entrepreneurial creativity is technology. Technology has, throughout history, been a major source of discontinuity displacing incumbents and replacing them with something faster, bigger and better.
Novel technology is and has always been a major source of innovation for entrepreneurs. The distinguishing feature of new technology is that it enables open innovation in innovation ecosystems. It’s difficult to think of a business idea without any digital presence nowadays however, a digital strategy should always be based on solving a real job for the customer.
Whatever part technology plays in a business enterprise, nothing can substitute the fundamental knowledge and set of skills an entrepreneur will need to be successful. The tools and mindset are necessary to lead an innovative growth and renewal-oriented company.
RAMICOS COSMETICS, a new startup in the cosmetic industry pins down the importance of the innovation in their products. “I’m so proud to launch RAMICOS Cosmetics with all clean formulas” says Dr Nalli Ramya, CEO/ Founder; RAMICOS cosmetics. “Innovation is everything.
While creating this line, it was so important to me to commit to using clean ingredients across the board, but to never sacrifice performance. Our first product to launch liquid lip kit has 12-hour wear and is so comfortable on the lips, and all my new formulas are amazing and innovative.
I’m excited for everyone to try these new products as they are enriched with Rosemary oil and moringa oil.” Talking about her products, “Moringa Oil is extracted from the seeds of Moringa Tree that tops the list of most useful things obtained from the tree.
Due to its qualities of being light, dry, fluid, and sharp, this oil has the mysterious and unique ability to penetrate the skin and detoxify it.” In her own words the company CEO was quite happy with their innovative products and excited to bring her products to market.