PRODUCT INNOVATION

WHAT NEEDS TO BE TAKEN INTO CONSIDERATION

WHEN ENTREPRENEURS ARE LOOKING TO INNOVATE
THEIR PRODUCTS?
Innovation is not only focused on improved products or expected sales, but also on consumer satisfaction.
However, to achieve sucess in product innovation it is not enough to just create a new different product,
the most important thing is to exceed consumer expectations.
The innovation of a product could be due to the following improvements: The type of components or
materials incorporated, Its operating characteristics, The information that complements it..
We don’t have to be innovative entrepreneurs, every novice entrepreneur starts with simple creations, as
time goes by, their creations change.
 WHAT ARE THE PRINCIPAL CHARACTERISTICS OF
INNOVATIVE PRODUCTS AND SERVICES?

Products:
 Use current technologies and knowledge, but apply them in a different way than the
traditional. Or such is the case of using knowledge and technology that have never
been used.

Services:
 Offer completely new services.
 Changes in the way services are provided.

In general, the modifications that the products or services present must be different or
completely different if the main goal is to exceed the expectations of the consumer.
EVERYTHING SEEMS VERY GOOD, BUT WHAT ARE ITS
ADVANTAGES AND DISADVANTAGES IN THE
INNOVATION OF PRODUCTS AND SERVICES?
Like anything in the world, it has advantages and disadvantages, and product innovation is no exception.
And the principals advantages are:
 Increased growth and market share.
 It increases the competition of the company as well as its reputation.

The principal disadvantages are:

• There is a lot of risk and requires more investment in terms of money.
• Requires a lot of time, this because innovation is a somewhat tedious procedure.
 WHICH ARE THE MOST DEVELOPED
COMPANIES IN THIS FIELD?
Over the years many companies have transformed their businesses with a very valuable strategy:
innovation, probably the key that opens the door to success in the long term.

• Tesla motors
Belonging to the automotive industry, its main turn stands out in the production and distribution
of electric vehicles.
• Xiaomi
Its main activity is the manufacture and distribution of cell phones and technological devices.
Already in some places it has been known as "low-cost apple".
• Ilumina
It is reflected in this list since the previous year it was the most innovative company for MIT. its
DNA rapid reading equipment for research applications in hospitals and clinics specializing in
cancer they place it in the top 3.
• Alibaba
This entity continues to gain ground on Amazon. The world's largest online retailer has
made more than half of its daily transactions through its wallet service and digital
banking.
• Counsyl
It is a medical technology company that offers DNA interpretation for men and women
who plan to become parents, in order to offer a panorame of some disease that is
likely to be prevented in their future child.

Perhaps this is a small fraction of the primordial advances in these areas of the
economy, probably within 10 years we will see more solid and developed procedures.
In the future things that exist right now may be replaced or eliminated because of
technology and innovation of products and services.