How to Accelerate Innovation in Private SectorsZainab Namuddu
Innovation is one of the most important slices of the business pie in Uganda. If you are trying to launch a business, you need to think about how to innovate in your business.
Events like ACIA are trying to spur on innovation in Uganda and they are instilling a new way of thinking about innovation and entrepreneurship. Startup conferences and tech hubs play an important role in accelerating innovation
1) Fund tech hubs
Entrepreneurs and tech hubs can definitely accelerate innovation by funding them more. It should be up to us to help tech hubs and conferences find new ways of generating revenue so the next class of entrepreneurs can be inspired by innovation.
2) Create an open door policy for new ideas
Business owners should create an open door policy for new ideas for their employees and investors. Allow employees to feel empowered to share their ideas with you so that your company can be the best that it can possibly be.
3) Create an R&D lab within your company
Depending on what your company produces, you should create an innovation R&D (research and development) laboratory within your business so that the best ideas can come to the surface.
4) Test, measure and analyze
Innovation should not just be a buzzword. You should measure its success in terms of a return on investment based on the capital that you have spent on innovation. Make sure that you do innovation tests and you measure whether your initiatives are working for your business definitely benefit from analysis in order to reap the benefits from innovation.
Innovation should be embraced in Uganda by the business community. Do your part today so Innovation can flourish. Contact me for ideas on how to create innovation in your business.