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The new process of innovation to change the potential business opportunities


“Innovation never happens at the center of the discipline, it is often at the boundaries. Look for the intersection.”- JAMES CHIN MOODY, Co-founder and CEO, Sendle


Innovation is the process of creating a thing, but is that all? No, it is just a small fraction. The bigger part is to take the thing and convince people that they need it. The intermediate process is really what we mean when we talk about innovation.


It is a preconceived opinion that the world’s most successful entrepreneurs like Jeff Bezos or Elon Musk were born with a natural ability to innovate. But James Chin Moody, a former space engineer-turned-entrepreneur begs to differ. According to him, there are patterns at play in innovation, meaning, that even the most inexperienced person can develop a new business idea by identifying and working on it.


Chin Moody, who has a Ph.D. in innovation theory, categorized the process of innovation in three ways,

  1. Changes in technology

  2. Changes in the market

  3. Changes in the institutions or the way technology get to the market

The third segment is the most important, since the majority of the process occurs here, with existing technologies reaching existing markets in new ways. It is important here, that we discover the issues which are giving rise to the major shifts that occur in the market. This includes the potential business opportunities and changes in technology. Meanwhile, the primary focus should be on how to unlock current technologies in the current markets. With the advent of COVID-19, the physical and digital worlds have been adjoined, which makes this more important. James refers to this as the "sixth wave of innovation". He has even penned his thoughts about it in the book "The sixth wave: How to succeed in a resource-limited world".


The CEO of the Australian logistics company also mentioned how his business model reflects his theory of innovation. Sendle was founded in 2014 and is Australia's first 100 percent carbon-neutral shipping service. James has always endorsed starting a business on the market side by looking for a "really painful problem" and then working on it. The same theory made him pivot his business model. The high shipping costs which smaller businesses and independent sellers had to face were a problem for people and e-commerce too. Therefore, what started as a second-hand sharing platform for children's items later turned into a delivery service!

 

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