This article is written by Milambo Kabeleka, a Contributor Author at Startup Istanbul.
Elmira Bayrasli is an entrepreneur, writer, consultant and lecturer. She was present at Startup Turkey where she talked about startup growth.
There is a noticeable rise in the number of businesses coming up every day. We have seen more startups pop up over the recent years than in the past. As these new businesses come up, there is a need for them to synchronize with the old industrial companies to ensure a smooth transition from the industrial age to the digital age. To have a smooth transition from the industrial way of running a business to the digital there is a need for companies to develop a Research and Development attitude.
Research and development is an essential instrument for growing a company. This approach involves researching the market and identifying the specific needs of the potential customer and creating innovative and better products and services to fit the identified needs. Businesses that use this approach have a higher chance of success than those that don’t, because there is no waste in resources. Using such an approach to run a business can lead to innovation and an increase in productivity and can also enhance a company’s competitive advantage and longevity in the market.
Running a successful Research and development approach requires an in-depth research of the market, to solely identify the real needs and desires of the targeted customers. Take note that there will be a need to revisit your research findings every now and then, as customer preferences change frequently and you will want to always stay informed regarding your customer’s needs. The constant updating of research findings is what leads to innovations in the business. These may be in terms of new products and services, or new methods of interaction with the customers, resulting in more profits and lesser costs. Innovation is a sure way to grow a business.
The benefits of this Research and development include; having a competitive edge in your industry and allow you to be the lead as you develop new leading products for your customers. It will also open up your business to funding opportunities, as Investors always look for the companies with innovative products to fund, also your brand reputation will be strengthened just by engaging in market research. The new unique products and services produced as a result of successful Research and development can be a source of more revenue for the business.
When the businesses that are coming up start to strictly work on Research and Development issues, to service the industrial companies, then a smooth bridge would have been formed and a stronger entrepreneurial ecosystem will be made.
Another way of ensuring growth is for big industrial companies that are in product and services to learn, backed by market research and development and get into new sectors and new areas, produce more innovative products, then they will attract new companies and startups to partner with.
Market Research and development has to be learnt by both old and new companies if the economy is to thrive, to promote the production of new and innovative products and services.