Innovation isn’t just for venture-backed startups and technology companies—it’s a worthy goal for any entrepreneurial business. From waste management to farming, medicine to financial services, the way to stay relevant and ahead of the competition is the same: Innovate dramatically rather than simply add on bells and whistles or patch holes.
Here’s what the most successful and well-positioned entrepreneurs today know about exponential growth through innovation, and which will become common knowledge in the next 10 years:
- It’s what it takes to attract the best people and keep them engaged.
- It’s what it takes to avoid becoming commoditized or made obsolete, and to stay in the economy of abundance rather than scarcity.
- It’s being driven by countless exponentially growing technologies, many of which will appear to come out of nowhere as we reach the peak of their growth and impact trajectory.
- It’s actually easier and more fun to grow exponentially than incrementally—that’s why growing 10x is easier than 2x—once you get your head around it and bring your team on board with your thinking.
When you innovate, you multiply your productivity and profitability, and you open up exciting possibilities that simply aren’t available to business owners operating in “survival” or “maintenance” mode.
In our experience working with and talking to some of the world’s top entrepreneurs, it seems clear that innovation isn’t just for the companies you read about in the news, but for every entrepreneurial business.