What’s an innovative business idea?

Innovation is all about creating something new, something unique – something different.

Being innovative in terms of coming up with a business idea for your student enterprise means looking around you and identifying a gap in the market for a new product / service. This doesn’t necessarily mean coming up with an entirely new invention.

Being innovative can also mean taking an existing idea and changing it in some way to make it better. For example taking an existing product and packaging it in a different way to make it more appealing.

Innovative business ideas of recent years include:

  • Dyson vacuum cleaner
  • I-Pod
  • You Tube

What all these ideas have in common is that in most cases the people behind them identified a simple enough problem and set about finding a solution.  They did this by either coming up with an entirely new idea or looking at an existing idea and adapting it to make it better.

One of the biggest business success stories of our time,Google, was set up by two college students.

Larry Brin and Sergey Page were researching information on the web for a class project. They got so frustrated at the poor search results they were finding with the search engines at the time that they decided to set up their own! What type of frustrations do you experience day-to-day and can you come up with a solution?