As part of business immigration, UK has made it mandatory that the business plan should be innovative. You must have your own business idea which is essentially not available in the UK and not derived from a business already trading in the UK. It means you cannot franchise someone else idea or business practice. The innovation concept is applied to all business categories including startup visa, innovator visa and overseas business representative visa.
So, what is Innovation?
Simply put an innovation is a small change in the service or products in meeting human or customer needs. The change from internal combustion engine car to electric or hydrogen fuel cell car incorporates hundreds of innovations. sometime the high impact innovation creates an industry, however, most of the innovation develop the existing industry in catering human needs. Innovation addresses human needs and how best it can be satisfied. Innovations require an enabling business environment and dynamic and responsive society.
Innovations in the products or services
Business process can be very complex and any change in the business process can be considered as an innovation. The non-routine high value-added changes in the products or services can be termed as product innovation. This category of innovation is more noticeable to customers as they are meant to directly satisfy human needs at their best. It affect human convenience, aesthetics, ergonomics, preferences and satiation. a change in material and shape of a product can be considered as a product innovation.
Innovations in the sales and marketing of a product or services
Many innovative products or services failed to be accepted by the industry for many reasons. One of the key to accelerated acceptance of an innovative product or services is marketing of the product. How the product is presented to the customers? Marketing innovations can include product design, packaging, add campaigns, merchandising, consumer engagement, promotional activities.
Process innovation is related to the product production process and service delivery. Process innovation involves introduction of new methods, procedure, technology in the production of goods and services. The introduction of robotics in the production of vehicles will be considered in process innovation. Process innovation can be internationalization of production process which can involve design and concept development in developed countries whereas manufacturing in developing countries. This kind of innovation reduces the cost of the product or services and increases the likelihood of an organization to remain relevant in the market.
Organizational innovation is related to how the business achieve its target by organizing business processes into teams of individuals with complementing skills. A team of individuals with complement skills is more likely to derive economic synergy leading to low cost of production and innovative services. Leadership and vision can create organization innovation and creativity supporting large scale businesses.
An Innovative Business Plan
An innovative business plan can altogether avoid competition and if properly deployed may generate exponential growth in near future. Innovation is not an outcome of luck, nevertheless, a structured approach towards solving an existing human problem leads to the innovation. Not all solutions may yield sustainable solutions. Even if it is nascent, it is more likely to produce more stable innovations in the long term. An industry analysis can reveal the crucial problem faced by the industry participants and may lead to innovative solution.