Debunking Eureka Moments: Why Businesses Need More Than Just A Big Idea | Entrepreneur

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Every industry's innovation is sparked by eureka moments. Eureka moments lead to the creation of solutions to existing problems through recognition of new opportunities in every niche. However,businesses need more than eureka moments维持创新和增长。企业need to bring in new and fresh ideas with product and service offerings to enhance consumer needs and experience.

Online retail has spoilt consumers for choices even more than past. Having a differentiated product or messaging or packaging or value gives it an edge over others. Ideas, products or services are largely commoditized and unless there is a deep value associated to such ideas, they are usually not tenable.

Eureka moments do not guarantee commercial success for a company. A clear illustration of this according to recent studies is Canada's innovation deficit. Ultimately, it is the consumers' acceptability and "buyability" of the idea that determines product success. Businesses should test and screen their new product to determine if it bridges the gap between the existing offerings in the market and their needs.

Moreover, it isthe authenticity of the ideaand the execution of the belief that determines company's success. A lot depends on the execution and the team's conviction of the idea. Organizations need to put in structured effort and sometimes a lot more finances in the belief untill it reaches a stage of acceptance and stability in the market.

Sometimes the innovator of the idea pushes too hard to sell it to employees and later consumers without seeing the cultural and ethos fit. Overconfidence and failure to consider company's expertise are common limitations for most eureka moments.

Secondly, business people often get customer feedback and ignore it. They are steadfast believers that their idea is unique and correct. This belief is a misinterpretation of customers' feedback as "early uniqueness pains." Listening to criticism, and polishing up is best alternative if you seek industry success.

Creating a right environment for eureka moments

Eureka moments do not often happen. It is, however, possible to create an environment that can ignite them. Businesses need to adopt the open communication model to succeed. Generation of ideas and decision making should not be assigned to a few people. Consumer insights also contribute to business growth if acted upon.

Developing an insight or design thinking tools createsa platform for you to interact with and understand customers. Most people think only about the current problems without considering if the solution will be viable in the future. Make an observation about current trends and think from a future perspective. Incorporating future expectations for current problems will help to create a long lasting solution.

Creating eureka moments requires you to think beyond the familiar solutions. It does not have to be a complex idea. Try solving problems from a new perspective, and you might get your aha-moment.

Priyanka Mittal has been Director atKRBL Limitedsince April 2001. In her current role, she oversees KRBL’s offices in UAE and USA and is responsible for international business, marketing and brand development of the KRBL product portfolio. She is also head of strategy of a new product development and product diversification portfolio. Along with her brand management role, she oversees legal matter pertaining to intellectual property. While at KRBL, she has spearheaded the development of the ‘India Gate’ brand, which accounts for over 80% of the company’s total revenue.

Mittal represented KRBL at the World Economic Forum from 2013-2015. In 2004, she presented a paper to the Nigerian key heads of state from the agriculture and industry, on Nigeria’s path to self-sufficiency in collaboration with KBRL. She also represented the Indian rice industry, in the Confederation Indian Industry delegation to Malaysia, for open market access on agriculture commodities from India. She put forward India’s interest toBERNAS– Malaysia’s Rice Board that controls domestic as well as imported rice into its country.

Given her keen interest in promoting women leadership, Priyanka was a Special Advisor to the ‘Women in Parliament’ – a European Parliament Initiative. She also is an advocate for food security and sustainability, hunger and malnutrition issues, supply chain management, food storage and wastage.

Priyanka is the Chairperson of the Agri Business and Food Processing Committee –PHD Chamber of Commerce and Industry, and has been a member of several associations includingYPO(Young Presidents’ Organization),CII(Confederation of Indian Industry),ASSOCHAM(Associated Chambers of Commerce & Industry of India)andFICCI(Federation of Indian Chambers of Commerce & Industry). She is also the Northern Region-Chairperson ofFIEO(Federation of Indian Export Organisations), Ministry of Commerce, and the Government of India.

Priyanka holds a degree in business management from the University of Southern California (USC) in Los Angeles, USA, and has graduated from Harvard Business School’s Owner/President Management program. She is on the board of the USC Viterbi School of Engineering.

Debunking Eureka Moments: Why Businesses Need More Than Just A Big IdeaCreating eureka moments requires you to think beyond the familiar solutions.

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