Home' Trinidad and Tobago Guardian : July 2nd 2015 Contents Innovation is synonymous with risk
taking and organisations that create
revolutionary products, services and
technologies take on the
greatest risk because they create
new markets. The creation of new
products, services and markets is the reason
marketing departments exist. It is no stretch
of the imagination to see where one impacts
Innovations can be either evolutionary in
nature, that is, they are brought about incre-
mentally, or they can be deemed to be rev-
olutionary, in that they are completely new
and out of the box.
In today s world of rapidly changing tastes,
shorter product life cycles are the new nor-
mal, as the need for almost instant grati-
fication results in constant shifts in the mar-
ket. Staying ahead of the game by reposi-
tioning, retooling or creating an entirely
new product line requires an abundance of
innovative thinking and the resources to
Innovation is defined as the process of
translating an idea or invention into a good
or service that creates value for which cus-
tomers will pay. One of the widely accepted
standards of marketing is Kotler s definition
which states it is the process of getting the
right goods and services to the right people
at the right places at the right time at the
right communications and promotion.
But just what determines "right" and how
JULY 2 • 2015 www.guardian.co.tt BUSINESS GUARDIAN
COMMENTARY | BG15
T&T Chamber of
Industry and Commerce are similar goods and services distinguished from
More importantly, how does each brand continue
to preserve and carve an even greater niche out of
an ever increasingly crowded market space?
The world is filled with imitators who manage to
do well for themselves, however, the real rewards are
reserved for those who stay ahead of the game and
are always re-inventing.
Certain industries by their very nature dictate that
all of the players who chose to be involved must be
rolling out new technologies or adaptations every
few months. Telecommunications providers, software
developers and car manufacturers speak for them-
There are other sectors which while not being
headline news on an almost daily basis, are bringing
new and exciting products to market, some of which
are addressing critical issues.
The Economist has recognised the two enterprises
listed below for their innovative ideas that have been
successfully marketed across the world:
• Envirofit is a social enterprise designing, pro-
ducing, and selling efficient, durable and affordable
cooking stoves that create environmental, health, and
social impacts for homes and institutions in developing
nations. It has developed a compact stove that reduces
indoor pollution by cutting smoke, toxic emissions,
biomass consumption and cooking time compared
with traditional designs. Envirofit has sold more than
650,000 stoves in more than 40 countries.
• Embrace and its partner organisation, Embrace
Innovations work to improve maternal and child
health to the world s most vulnerable populations.
It has developed a low-cost incubator to reduce
neonatal deaths in the developing world.
More than 20,000 babies in a dozen countries
have benefited from its design, which is similar to
a sleeping bag.
While using innovation to address pressing eco-
nomic and social issues has birthed the age of the
social entrepreneur, long established enterprises con-
tinue to remain relevant by constantly finding new
ways to remain connected to their customer base,
even as they expand their reach and attract new cus-
tomers. The Dutch beer giant Heineken has proven
itself to be adept at constantly growing and improving
with each of its imported brew branding innovations.
To celebrate its 140th anniversary in 2013, the
company collaborated with French companies Lowdi
and Ed Banger to create the Heineken x Lowdi x Ed
Banger speaker box.
This beer box houses a bottle of Heineken that
was designed by the team at Ed Banger, and features
a built-in speaker system designed by Lowdi that is
able to produce serious sound in a small case. This
has been considered to be a significant achievement
in collaboration history. Heineken has helped to con-
nect the two French based companies to create an
interesting way to sell not only beer, but an entire
entertainment system. In 2013 the company invited
fans worldwide to submit designs for the "Your Future
The winning design will be featured in the 2014
limited edition packaging that provides a new spin
on its classic logo.
Collaboration has proven to be a successful inno-
vative strategy to a brand that is well over 100 hun-
dreds old, and has continued to ensure its position
as the third largest producer in the world.
Becoming a diversified economy can only be
achieved when companies begin to think of the ben-
efits that can be derived from adopting innovative
strategies throughout the entire marketing process.
The T&T Chamber thanks Rima Mohammed
for her contribution with this article.
Innovating for growth
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