Innovative Business Ideas

1. Changes in the Environment

Face Mask and Face Shield Manufacturing Company

As the environment changes due to the pandemic, a lot of businesses closed down such as
jewelry stores and other products and services that are not needed by people. Hence,
manufacturing a face mask and face shield is one of the innovative business ideas that are most
likely to succeed given the present environment people are in. A specific example of this kind of
business is the company “Alice + Olivia”. Alice + Olivia by Stacey Bendet is a women’s fashion
company featuring bright colors, eye-catching prints and trendy cuts New to their spring line,
though, is a collection of chic and unique face masks to cater to these times. There might be a lot
of competitors when it comes to this business hence you should think of having or adding
something that people would prefer buying the face mask. For example, in the Alice + Olivia
company, they design and cater face masks that are trendy and creative. During this time of the
pandemic, it is important to focus on physical resources need in the environment which are
products that are available in the area.

Organic Farming and Eco-friendly Clothing

Climate change is one of the biggest issues the world faces along with business enterprise.
One of the business ideas I looked up online is Organic Farming. Organic farming might not be
sexy, but it is an environmentally friendly business model. By using sustainable farming
practices, you can build a business that provides food to the world, while also helping protect our
planet. Another one is Eco-Friendly Clothing which is very creative and would likely catch the
attention of target customers. These days it’s well-known that clothing and other goods are made
of materials that do not last long and are eventually discarded in the trash. It is estimated that the
average consumer in the United States discards 81 pounds of clothing per year, adding 3.8 billion
pounds of waste to landfills. Designers and manufacturers have been moving toward recyclable
materials for their clothing to provide consumers with fashionable products that are also
eco-friendly. Some companies, like Patagonia and H&M, are even making their clothing out of
recycled plastic materials. The competitors of these products and services are companies who
also sell fashion and designer clothes.

Sources :
https://www.forbes.com/sites/advisor/2020/05/01/4-companies-selling-masks-and-helping-our-c
ommunities/?sh=7165da842485
https://www.bondora.com/blog/5-business-ideas-helping-to-fight-climate-change/

2. Technological Discovery and Advancement

Computer Repair and Maintenance

With the advancement of technologies and the new online set-up for learning, computers are
necessary for the daily lives of people. One of the innovative business ideas that would leave a
great impact is “Computer Repair and Maintenance.” This kind of business includes services like
fixing computers and other gadgets. It can cater services to one operating system, or support all
major platforms. It can also supplement your business income with sales of items such as new
hard drives, monitors, mice, and other computer-related items. The competitors of this business
are probably those company that sells or fix phones with cheaper price.

Podcasting

One of the business ideas I’ve searched online which can contribute to the innovation of
technological advancement is Podcasting. A lot of people love listening to music and radios may
it be on the radio, phones, iPods, and other gadgets that are compatible with this set-up. Today,
51% of the U.S. population has listened to a podcast, and podcaster Dre Baldwin sees
podcasting’s prospects only increasing in the coming years.[5]

“Entrepreneurs need to start building their podcast content library ASAP,” Baldwin says.
“More and more people are consuming media on the go; audiobooks and podcasts are at the
forefront of this. Any entrepreneur or business entity that wants the attention of consumers needs
to be in their ears, literally.” One of the competitors of this business is Spotify which is a very
famous podcast application.

Sources:
https://www.thebalancesmb.com/tech-business-ideas-2951511
https://www.justbusiness.com/starting-a-small-business/tech-business-ideas#one

3. Government’s Thrust and, Programs and Policies

Pharmacy

The government supports the idea of entrepreneurship especially when it comes to the good
of the economy and employment. The government supports innovative startups and helps them
grow. One example of an innovative business idea that would impact government programs is
pharmacies. The pharmacy business has emerged as one of the most profitable segments in the
healthcare industry. An example of which is The Generics Pharmacy (TGP). THE GENERICS
PHARMACY (TGP) started as a small pharmaceutical company in 1949. Acknowledging the
dire need for quality medicines but at affordable prices, the company focused on generic
medicines to provide the Filipino with a more affordable alternative. With a God-centered
organizational philosophy, TGP Pharma Inc. shall be a strong partner of every Filipino in
providing quality, affordable, and accessible generic medicines and healthcare products and
services leading to a healthy and productive life. The competitors of this business are other
pharmacy branches such as the Grace Pharmacy, Mercury Drug Store, and more.

National Bookstore

There are a lot of programs National Bookstore has offered that help fulfill the government
programs and policies. One of the business ideas that are open for innovation is building a
bookstore that would partake in doing charity works for the government and the people that the
government served. One specific business example is the National Bookstore. National Book
Store Inc owns and operates book stores. The Company offers educational, professional, and
social communication products. National Book Store serves customers in the Philippines. One of
the charity works of the National Bookstore is the Project Aral. The competitors of this business
are other bookstores such as Booksale, Digital Web Novel, and more.

Sources:
https://tgp.com.ph/about-us/
https://www.bloomberg.com/profile/company/1263Z:PM

4. People’s Interests

Enchanted Kingdom

In firing up a business endeavor, it is significant that we investigate the degree of a premium

of our objective clients on the items or administrations that we will advertise. One of the
people’s interests is amusement parks wherein they could spend time with their family enjoying
and relaxing. Enchanted Kingdom Inc is a company in the Philippines, with a head office in
Laguna. The enterprise operates in the Amusement, Gambling, and Recreation Industries
industry. The enchanted Kingdom, often abbreviated EK, is a theme park in the Philippines. It is
located in Santa Rosa, Laguna. It has a land area of 25 hectares. The park is managed and
operated by Enchanted Kingdom Inc. Enchanted Kingdom is a member of the International
Association of Amusement Parks and Attractions. There are also lots of amusement parks found
in the Philippines that would compete with the Enchanted Kingdom, however, as of now, EK is
the most famous amusement park in the Philippines.

Campuestuhan Highland Resort

Campuestohan Highland Resort is a new leisure and travel destination near Bacolod City,
Negros Occidental province which opened last May 2014. Situated in Barangay Cabatangan,
Talisay City, Campuestohan Highland Resort is an amusement park resort that caters to guests of
all ages. Covering an area of 5.5 hectares, Campuestohan features adventure rides other leisure
activities, as well as a restaurant and several accommodation options for visitors who would
choose to stay overnight at Campuestohan. There are lots of highland resorts in Negros including
Palmas, Pavillion, and more that could be one of the competitors of Campuestuhan.

Sources:
https://en.wikipedia.org/wiki/Enchanted_Kingdom
https://www.pinasmuna.com/2015/04/campuestohan-highland-resort.html

5. Past Experience

Hershey Company

Experience from failures is the foundation of success in the business. It doesn’t mean that
when an entrepreneur fails, his or her career has ended. Hershey’s is one of the most recognized
names in chocolate. But before founding the company, Milton Hershey was fired from his
apprenticeship with a printer. And then he tried to start three different candy companies, all of
which failed, before starting the Lancaster Caramel Company and the Hershey Company that
made his sweet confection a household name. Hershey Company, also known as (1894–1927)
Hershey Chocolate Co., (1927–68) Hershey Chocolate Corporation, and (1968–2005) Hershey
Foods Corporation, American manufacturer of food products, chiefly chocolate and sugar-based
confections. Hershey’s Milk Chocolate, in its brown-and-silver wrapper, was perhaps the
best-known American candy bar of the 20th century. Company headquarters are in Hershey,
Pennsylvania. Competitors in this kind of business are companies that manufacture chocolate
brands such as Toblerone, Dairy Milk, and more.

FDX Corporation

Though we all know now that FedEx is a viable business model, Smith’s college professor
disagreed. The future venture capitalist received a poor grade on an assignment where he pitched
the idea for the company. 1 overnight shipper in the world, delivering more than 3 million
packages to nearly 210 countries each working day. Fred Smith, now chairman, president, and
CEO of FDX Corp., FedEx's parent company, compiled a fortune estimated at $700 million by
enabling businesses to deliver their goods quickly, anywhere in the world. He was told it couldn't
be done. But in the time-honored style of the true innovative visionary, Smith listened to his
counsel, and single-handedly changed the way the world does business. Competitors in this kind
of business are some national and international delivery services.

Sources:
https://www.britannica.com/topic/Hershey-Chocolate-Corporation
https://www.entrepreneur.com/article/197542