“Innovation distinguishes between a leader and a follower.” -Steve Jobs
What comes on the top of your screen when you google the meaning of the word innovation is - the introduction of something new and relevant such as a new idea, method or device. As we dig deeper into the etymology of the word, we come to know that it has more to offer than the Merriam Webster version. The word comes from two Latin words ‘in’ and ‘novus’ that mean ‘into’ and ‘new’, respectively. The etymology brings in the renewal aspect – changing something that exists – for the word which is different from the commonly assumed ‘introduction of something new’. In the context of a startup, where there are sudden changes in the way people make decisions, choose different workflows and more importantly make choices outside the rule books, this etymological meaning makes more sense to the word. In short, innovation is something in evolution and is different from invention. It is also different from improvement, where the focus in doing the same thing in a better manner rather than doing something different.
It is said that innovation and marketing are the only two functions of a business. While not undermining other business functions, Tookitaki believes that innovation is crucial for its success, especially as it deals with disruptive technologies such as artificial intelligence and machine learning and operates in the regulatory compliance space where there is intense competition, especially from deep-pocketed companies. Tookitaki has continuous innovation as one of its core values and strives to be better every day. We believe in the philosophy – there is no good idea that cannot be improved on – and continue to build our team as the best possible version it can be. Amidst tough competition, our passion to continuously transform helps us survive and this quality makes us truly an innovation company.
Being innovative is tougher in the IT industry, especially for startups. In order to bring in the right kind of innovation, we need to collaborate with other people and share ideas. Customers also have a vital role to play here. We need to sit down and talk with them to get their requirements and feedback for better products and services. Essentially, innovation in startups is a cyclic process where an idea is turned into a product, evaluate customers’ response to the product and then enrich the product. This flexibility in product development differentiates a startup from other companies.
In order to foster a culture of innovation, it is also important to create an environment where ideas can connect. Tookitaki has already created a good environment for the same and is striving to make it even better day by day.
As Chinese Premier Li Keqiang said: “Changes call for innovation, and innovation leads to progress.” Innovation can achieve the impossible, develop a sustainable competitive advantage, help adapt to a rapidly changing market and create new business models. Technology that is in limelight today can be rendered obsolete tomorrow. As a company that innovates practically on a daily basis, Tookitaki is not scared of this unpredictability and is determined to keep going to fathom the unexplored.
Talk to An Expert!