INNOVATION that delivers
Innovations in animal health are rapidly increasing, with new developments entering areas previously untouched. However, some fields, particularly AI-driven information, are becoming crowded with similar offerings. Larger pharmaceutical and nutrition companies often have strategies for evaluating innovations, so entrepreneurs should carefully consider these before investing time and resources.
At the core of innovation is one key question: “What problem am I solving?” This simple question has two critical factors:
- Does the innovation address a real problem or need? If so, is it novel?
- Does it compete with an existing solution? If so, how is the innovation better?
Innovations in niche areas may not target large markets but can still offer significant profit potential by addressing specific needs with little competition. In contrast, competing innovations must have a clear and compelling unique value proposition.
Many passionate entrepreneurs approach market entry without fully understanding the problem their innovation solves. Often, they create a solution first and then seek out applications for it, which can lead to missed opportunities. Moreover, some innovators remain unaware of existing competitors in their space, which hampers their success.
Involvement earlier in the development process would allow for better strategic guidance, ensuring a more successful outcome. That is why we like to work with clients early in the process to address these two critical factors. The takeaway is simple: ensuring clarity around the problem and the innovation’s unique value is crucial to delivering a successful market solution.
Lourens Havenga
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