They have a solution but don’t know what the problem is or even if it exists.
Given today’s market expectations and global competition, companies are under pressure to stay ahead of the game. Some companies do this by trying to appear more innovative by exploring the possibilities of new technology.
True innovation has nothing to do with new technology! If this were true we would all be wearing Google Glass and Apple Watches.
A great example of innovation is the millennial-focused investing app Raiz. It’s a delightful product that collects your spare change from everyday purchases and invests it in the share market.
Raiz identified a segment of young investors who are interested in the share market but don’t understand how it works. With so many different possible strategies, it’s hard to decide who to invest in, how much money to invest and how often.
Raiz makes it easy to get started by giving everyone a diversified portfolio of shares, where customers can make micro-payments, set up recurring payments or make ad-hoc payments via the app.
Raiz found a group of customers who may have never invested in shares the traditional way. Through innovation, Raiz created a product that addresses the customers problem in a simple way. They didn’t steal customers from their competitors. They exponentially grew the market.
Real innovation is about making peoples lives better. Customers don’t care about the underlying technology. They only care about how it will impact their everyday life. Focus on solving a real people problem and the rest will fall into place.