If you are an innovator at heart, chances are, you probably are constantly on the look out for new ideas. Tech startups are rapidly taking over existing incumbents businesses. Uber steps over taxis and Airbnb steps over hotels. But what about industries that lack innovation? How can they get their head in the game?
We can all agree that there a few existing industries today that haven’t changed a bit even though the world around them is evolving I must say… pretty quickly. Here is a small list of industries that could strongly benefit from more innovation in their day-to-day business.
In the next 10 years, the innovations that will emerge are ones that we desperately need as human beings. Health is pretty much at the top of the list. The rise of healthcare cost and the increase of life expectancy make it practically impossible for nation budgets to cope with these costs. That is where innovation steps in. Have you ever been to the doctor’s with an appointment and still had to wait for an hour? Pretty aggravating. This industry is extremely bureaucratic and lacking dynamism. Healthcare infrastructures and companies seem to forget that, as Steve Jobs once said, innovation is the only way to win.
I mean Montreal is probably the capital of constructions during the summer. I still see the same tools that are used to build roads from when I was younger. The same slow processes, the same slow rhythm and the same problems regarding funding. A lot of money has been wasted in Canada due to the lack of innovation in tools and mechanisms. I think this is the industry that could gain the most benefits with innovation.
This industry has remained unchanged for quite a bit, meaning that today is the perfect timing for proper innovative changes. We can all agree that there is a huge pressure on the food industry to comply with Food and Drug Regulation and consumers. Customers are more than ever wary of what they eat and of existing diseases linked to bad food choices. Most experts predict that companies like General Mills will step up their innovation game in the upcoming years with new inventions, going from production lines, packaging to marketing.
Ironically, government is usually one of the last to accept innovation. How many times have you received campaign mail? Pamphlets are also still widely used across the globe. Bureaucracy is still omnipresent in day-to-day government activities. This industry rapidly needs to adopt more technologies to automatize procedures.
The goal of any entrepreneur should be to create value for consumers. Given the place of innovation in the society today, these industries should grasp the opportunity to create added value for end users.
If you have any questions about breaking into these industries, or if you have an idea for a product or service that you believe could develop these industries, feel free to submit your idea below!