What is Incremental Innovation? – Why Companies Need it
Incremental Innovation provisions series of small improvements to an existing product or product line to maintain and improve its competitive position. Incremental innovation is often the norm in high technology business wherein companies – Start-ups and large enterprises need to continue to enhance product features and capabilities based on customer needs or requirements.
A key reason for incremental innovation to be so popular with Start-ups and large enterprises is because it reduces risk in comparison to radical / sweeping innovation. Once a product of the company is released then investments are made to make it better and better and reduce the costs to be competitive.
The continuous improvement stems from the fact that there is a need to meet market demand:
- To deliver ‘value‘ to the customer
- Keep improving product to make it more competitive
- Reduce costs
Ron Ebrahimi, Contributor to Forbes, in his article points out that Incremental Innovation is simple – and instead of thinking up and executing against audacious new ideas that are risky, one makes small incremental changes to existing products and services.
Focus On Tangible Customer Pain Point(s). This is key aspect of incremental innovation. Any new product change starts with addressing a significant issues customer is facing.
What are the typical customer pain points to address?
Typical customer pain points include – customer support issues, competitive product traction and anything in between. Addressing most painful customer issue(s) enhances product credibility and gains customer trust in making it better for them. It’s easy to get carried away at this earliest stage, which is why saying “no” should be the default when identifying possibilities.
Takeaway: VajraSoft Inc. has adopted both Incremental Innovation (for its Intellectual Property products innovation) and Radical innovation (solving multiple business pain points and transforming existing markets). VajraSoft Inc. is providing incremental innovation – improving customer experience and providing ‘value’ and reducing costs.
Kameshwar Eranki is CEO of VajraSoft Inc.
About VajraSoft Inc. – VajraSoft Inc. is Intellectual Property (IP) Management Software company, helping customers manage innovations and monetize IP’s. Our award winning products empower businesses and IP law firms to automate the patent filing cost estimation process of creating cost estimation quotes for filing a patent in any country globally. VajraSoft Inc. PatFolio helps customers with Invention Disclosures Management, Drafting Patent Applications, filing, managing patent prosecution life cycle and patent maintenance.
VajraSoft Inc. is Master Class IP Solution provider, and its products won several Cloud awards including – UP Start Awards for Best Industry Application for 2012. Silicon India magazine listed VajraSoft Inc. as Top 100 Technology companies in US for 2013. VajraSoft Inc. is also Finalist of StartmeupHK Venture Program, conducted by the Govt. of Hong Kong and UP Start Cloud Award for Best BI / Analytics Application for 2013.