When we think about innovation, our minds get lost in big ideas and large investment. The Space shuttle, Electric cars, desalination plants, the Airbus A380. We’ve been influenced by mainstream business media, and the military industrial complex. As entrepreneurs we’d be much better placed to think as micro as possible when considering how to innovate. Because unless we are ‘inventers’ or ‘engineers’, the only innovations we need to care about are those which get to market.
Take this simple innovation from the publishing industry.
Magazine subscriptions which have been repacked to be sold in a new / yet existing distribution channel.
Before this shift in mindset, magazine subscriptions were only sold as in magazine leaflets, through call centers and via door knocking. Enter new packaging format, and all of sudden a magazine subscription is being retailed in newsagents and bookstores (This photo was taken in Borders). It becomes a simple ‘gift’ which provides us something we can hand ‘hand over’ to the recipient to touch and hold – we can even gift wrap it. It opens new revenue possibilities.
It’s clear that there is little capital expenditure with this innovation, which is simply a widening of distribution. In fact – new forms of distribution are often the most profitable innovations.
Start ups – When innovating, think micro.
Steve – founder rentoid.com