NEW YORK (MainStreet) A person can't just sit down in front of a computer and expect to innovate. Innovation comes about in many ways and in response to many things real-world problems, conflicts, situations, complications or confrontations. There is just no telling where the next new idea will come from.
Here are some amazing tips and insights just from among my mentors, colleagues and peers:
Vapor Corp.: CEO Kevin Frija introduced electronic cigarettes to a market saturated with traditional tobacco cigarettes. Vapor has achieved four consecutive years of sales growth since 2009, when Frija became CEO, increasing 33.6% year over year. "We researched the product in China and thought it could find a niche in the U.S. because it was new to the market," he says, "but we discovered how innovative it was after seeing competitors sprout up overnight."
But innovation does not necessarily mean constant change in your core product, he says. "If we were to completely change the technology in our e-cigarettes so that they would be different from the competition, we would lose our customer base and the curiosity of new users," he says. "Our goal has been to keep up with market trends, but continue to innovate in other ways, like making our products available on the mobile app market to connect ourselves to customers."
TravelSolutions by Campbell: This travel and expense solutions company was one of the first U.S. companies to deploy an online booking system. That's because, CEO Bill Campbell says, the company had to reinvent its business after the birth of the Internet and its radical realignment of the travel industry. By embracing robotics technology instead of running from it, the company gained a significant advantage over the competition. Many travel agencies went out of business while TravelSolutions by Campbell (then Campbell Resources) grew explosively.