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Jeff Bezos, the Founder- Chairman of online retail giant Amazon has provided us certain tips on experimenting with and implementing business innovation. The first step is to foresee business disruptions and be ready for it by challenging one’s own successful business model. This allows the market leader to stay ahead of competition. Large companies often master economies of scale to such an extent that they still have capacity to spare which may be critical to others. This spare capacity must be put in use somehow. Ultimately the customers decide companies’ success or failure and anticipating their needs becomes critical. An innovation matched with existing customer needs allows the organization to steal a march over competitors.

Source: http://www.innovationexcellence.com/blog/2016/04/19/three-lessons-in-innovation-from-jeff-bezos/

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