“Innovation is cornerstone of what makes business successful: offering something uniquely better to the consumer. Innovation, while key, is probably the most difficult corporate activity to manage or plan” Dr NeilMacGilp, Director, Corporate R&D, Procter & Gamble Innovation can be defined as the application of new ideas to the products, processes, or other aspects of the activities of a firm that lead to increased “value. ” This “value” is defined in a broad way to include higher value added for the firm and also benefits to consumers or other firms.
Two important definitions are Product innovation which the introduction of a new product or a significant qualitative changes in an Existing product and Process innovation which is the introduction of a new process for making or delivering goods and services. Some people have emphasized a third category of innovation, that of organizational change within the firm, but we see this as being naturally included within the second category, as a type of process innovation. “If you can’t compete on price you have to differentiate, and to differentiate you have to innovate!
” Product innovations may be tangible manufactured goods, intangible services, or a combination of the two. Equally, process innovations, in which there are new ways of making and doing things, can arise from the use of new combinations of tangible and intangible inputs. “Although innovation is increasingly seen as a powerful way of securing completion advantage and more secure approach to defending strategic position, Success is by no means guaranteed the history of product or process innovation”.
Successful innovation requires an integrated design process, for example, integration in the design of the enterprise, the design of the product, as well as the design and implementation of new technologies. Such an integrated design effort requires good collaboration and management of the designs, and should be supported by efficient knowledge management techniques and tools. If innovation is to help a business grow and improve its competitiveness, it is also important to plan the innovation carefully.
Although some ideas may just “fall from the sky” or “come out of the blue”, an organization should also have a strategic vision of how the business should develop. With this vision I had this wonderful idea to come up with, Apart from my full time position in AOT (Airport's Of Thailand), my convenience coffee shop venture & my future hospitality ventures (pub & restaurant, small scale hotel). My dear university friend Kiran Chauhan (an Indian national who has been residing in Thailand from 2003) & I came up with this potential business venture in Thailand which we believe has a good innovative service approach.
We both evaluated the possibilities of bringing this venture to reality & also considered to get some feedback from our business sources from different industries, an internal feasibility so to speak. It all started when I approached this friend years ago in university when my family were motivated to liquidate our land bank located in different provinces, I primarily approached Kiran as we were aware about his representation in a reputed real estate company during our study period & Kiran approached us with potential buyers and successfully sold few of our land parcels.
Well over 5 years & running, I've personally approached Kiran with dozens of opportunities for qualifying on different occasions till date that related to my friends or family & although we were successful in closing only few deals, I've always received genuine potential interest from the buyers/sellers that were introduced to us by him. Based on my success in analyzing opportunities & successfully closing deals with Kiran, I was convinced that he was exceptionally good in connecting business, connecting people & contributed his time in building a strong database of clients in Thailand & overseas.
Although Kiran & I have our full time jobs & representations, we acted as freelance intermediaries/consultants till date in finding, analyzing, evaluating opportunities & connecting both sides. Now with our strength from each other's level of trust & loyalty, networking value, business knowledge & work experience , we've considered to look into the possibilities of launching a small scale consulting company "Bridge Asia Advisory/Consulting/Consultants" & primarily focused on a new innovative customer- focused service idea to be known as "Business Networking Concierge" services.
The following paragraphs will have a detailed explanation of how I plan to start up my company based on an innovative Idea. An innovative business is one which lives and breathes “outside the box”. It is not just good ideas, it is a combination of good ideas, motivated staff and an instinctive understanding of what your customer wants’ 2 Our company is based on this “outside the box “concept. Bridge Asia will consist of six members.
Four of us are Director’s in the company with additional positions; my parents & I are part of the risk committee & two female employees in charge of reception, office management & execution. Our company format would include no advertising & marketing costs as we've been successful on recommendation basis, less need for full-time employee personnel as our major work is done outside the office, high focus on revenue streams based on results etc, to name a few.
More than potential strong revenues & building business relationships with strong business people, it's the excitement of overcoming constant challenges in the process of connecting two sources & being part of balancing the business psychology between both sources to make successful closures. Bridge Asia’s philosophy on business networking is the art of dealing with qualified sources & finding potential opportunities through an individual, business man or company and creating an environment for buyer/seller or two sides to deal within.
Our Motto "To create confident environments for two sides to deal within" By law & with the help of our lawyers assistance, I've understood that the best legal format to provide "Business Networking Concierge" service is through establishing a consulting company as our companies work description (while registering the company) would refer to business networking in diversified fields, primarily in hospitality , tourism, trading, real estate, finance & green energy development sector's.
This assignment will elaborate primarily on our internal feasibility study feedback, our SWOT analysis is based on feedback from our existing clients, our focus & implementation goals with references to theories (from our course) that I feel can be implemented, our target accounting figures & costs, elaborations on various real time opportunities to represent & our criteria check on our company timelines & target accomplishment. SWOT Analysis based on our research are as follows,
Strengths: Networking is part of everyone's daily life but Bridge Asia is making a legal platform and offering business networking concierge services. In our everyday lives, we’ve played a role in recommending or referring a source to another based on a goodwill gesture. I’ve personally experienced getting recommended or vice versa on many occasions, & I believe we’re building a certain type of bond & faith that could potential lead to a successful partnership etc.
I was lucky to have a friend that understood & had the same passion for connecting businesses or people, passion realized through his early work experience bachelor studies. Also, considering that this friend Kiran made some successful deal closures with my family in the past, we were able to understand the value of what we could create and offer to businesses & sources for a professional fee so our success in deal closures made us believe that launching Bridge Asia was productive & worth the risk. “Competence building is strongly related to a firm’s past accomplishments.
The notions of path dependency and cumulativeness have a strong foundation. Competence building centers’ in key areas to enhance a firm’s core capabilities…” 3Bridge Asia will be fully committed to providing business networking concierge services with a result's driven attitude as we determine ourselves to generating strong revenues after deal closures. This form of revenue stream gives good sense of loyalty towards as the deal provides clarity to both sides on our professional fee's % & allows the opportunity to be recommended to new potential clients.
We eliminate the chances of being a victim of not being paid as our start-up company will deal with clients that we already know & opportunities that we're already working on. In most cases, we deal directly with the buyers & sellers, but also, business networking services allows us to work with more intermediaries & create confident environments for successful deal closures. Less initial investment, Apart from the fixed costs & legal costs to start-up Bridge Asia in Thailand, our operating costs are going to be comparatively low & Bridge Asia represents opportunities with strong benefits only.
For example, I mostly schedule meetings between both sides in selected restaurants, coffee shops & F&B outlets in hotels; hence I cover the costs & expenses during these meetings that I schedule. Traveling for example, Bangkok has Sky trains, Underground trains, airport link, close to unlimited number of bike taxi's & cab's to choose from so I use these various commuting options during peak hours & I use my car at night as I’m able to control fuel costs to a minimum & avoid peak-traffic stress.
Deals can fall out due to reasons such as ego-clash, lack in being open & transparent etc to name a few, so the expenses involved in business networking is mostly towards creating confident environments & bearing costs such as F&B bills etc. When I intend to introduce 2 HNI's (High Networthy Individuals) to find common grounds on a particular opportunity, Business Networking concierge service stands out to be unique as we can advice, schedule & execute the meeting plans & having all the costs beard by the HNI's representing the potential opportunity, hence allowing me to create high-budget meeting setup's.
Already have a strong database of clients & companies (local & abroad) to kick-start our income streams. In order to start Bridge Asia, I need to ensure that the ball is already rolling so after extensive communications with selected sources & clients, I'm convinced that my partner's & team's networking value put together will generate a broad database of clients & businesses to kick-start Bridge Asia's revenue streams.
When our networking value are combined, we have an average of seventy clients to represent as their business networking concierge that covers more than 20 core business sectors. Our internal feasibility study that also included getting feedback from sources & clients about our venture, gave us clarity that it’s complicated to initially deal with two unknown sides as we don’t have that loyalty factor & understanding to begin with. Strong partnership, a common threat in the business industry is when the business partnership falls apart due to personal & non-personal reasons.
Strong partnerships helps supports the consistency in business growth & good balance between the partner’s mindset, keeping this in mind, I decided to involve my parents as the Director’s & more as they are bound to bring strong knowledge & confidence, good networking value & strong loyalty factor to create Bridge Asia’s platform. It’s important to keep the business within the family as my soon-to-be partner suggested their active involvement. A minimum two years of credible balance sheets & growth percentages will allow us to expand overseas on a strong franchise platform.