The Bizofit Innovation Platform for Enterprises

I think we all agree that Innovation  is absolutely imperative for enterprises. This is more true now than ever.

Why is this the case ? There are geopolitical reasons, as well as macro-economic reasons and of course reasons attributable to Technology.

Geopolitical reasons – there are no major wars anywhere in the world, although the threat of it is as real as ever. Anytime there is a war, everyone’s focus, energies and investment dollars are re-prioritized towards military and/or rebuilding activities, sustenance, etc., and consequently enterprises stop investing in major expansions too. As seen during the Arab Spring and such other movements, people are becoming more aware and demanding freedom and democracy, and demolishing erstwhile institutional power structures that concentrated power in the hands of a few.

Macro-economic reasons – Interest rates have been kept low, although artifically for 10 years, across the world. This lower cost of capital obviously makes it easier to invest in new ventures. Despite the looming shadow of protectionism, we still largely live in a global interconnected world where trade and investments are global in nature.

Technology reasons – And lastly, but certainly not the least, the emergence of the cloud, SaaS, and mobility make the availability of technology so much easier, and so less expensive. The barriers for sourcing and consumption of technology are so low.

The basic human spirit is one that seeks to explore newer and better ways to live. A combination of democracy, seeking / exploring human nature, availability of capital and technology provides the right catalyst that drives Innovation.

What is Innovation ?

Innovation is the set of processes, system, and culture of bringing to market a new product, technology or a way of doing something that significantly increases the value or experience of what is done.

An Innovation Platform is the system that enables the continual process of Innovation within an organization.

Ideation is just the first step in the process. Innovation necessarily means commercialization and value creation. In other words, it is not just something that resides in the R&D Labs. It also means the application of time and resources to bring it to market.

Open Innovation is Innovation done in collaboration with external stakeholders, namely users, customers, partners, vendors, and /or an even wider network.

Technology fueled Innovation is clearly seeking to disrupt many industries. Fintech, Health-tech, Insure-tech, Retail-tech, Big Data, IoT, Blockchain, Robotics, Drones, Augmented and Virtual Realty will forever change the face of Technology as we know it.

None of this will happen however, in a straight upward curve, and business cycles and geo-political and macro-economic factors will dictate the pace at which this happens.

Large corporations have realized that innovation requires a different culture, and mindset that may or may not be the strength of the corporation in question. Recognizing this, corporations are more open to leveraging open innovation, and collaborating with startups to ensure they stay relevant. The Bizofit ‘Innovation HQ’ platform allows just that – namely, having enterprises and CXOs post innovation challenges to a broad ecosystem of Solutionists – Technology companies, Solution and Technology Architects, and Entrepreneurs and Startups.

We at Bizofit are betting big time on this cycle of Innovation.

We have incubated  and launched Innovation HQ recently, and it is – we believe – the Best Innovation Platform for Enterprises. As a key differentiator, we have also painstakingly built out an Innovation Network  – a network that consists of over 20,000 Technology companies – products and services companies, startups and established companies.  The attached video explains this further.

There are several Innovation Platforms, and there is a list of such Innovation Platforms here – https://www.bizofit.com/business-directory/service-specialization/top-best-idea-management-vendors-companies-software-solution-services-for-2017-bizofit/

An essential element in building a pipeline of ideas and solutions is the Incentivization process. Our platform builds this into the very fabric of Ideation / Solutioning. Technology companies providing ideas and solutions that are attractive to enterprises automatically get a channel and direct access to enterprises to position their product, service, technology or platform as an essential ingredient of such a solution. With this, we hope the traditional Enterprise Sales model of employing a high-cost Sales resource is disrupted. In other words, the value of the Sales channel will be one focussed on Solutioning and solving a client’s core business /innovation problem, and not just providing the relationship, access and intelligence as in the traditional model.

Let us know what you think !