Richard Branson is the founder of Virgin Group, which consists of more than 400 companies around the world. Branson recently published to his newsletter an interesting post on innovation in small business, and how it doesn’t require you to have huge research and development budgets in order to build a great (and possibly global) brand. Branson wrote, “Although it might be hard to believe now, the story of the Virgin Group is a small business that succeeded because of our team’s innovative spirit…we were a bunch of young hippies barely managing to scratch a living, yet we knew we had an idea for a product that people would want…We eventually turned our camaraderie and enthusiasm into a global business…To build a successful business, you don’t have to build a new product from scratch…If you can repurpose an existing product, or if you spot a gap in the market where brands are not offering the improvements to their products that customers would like, there is no reason why you shouldn’t step in.”
Branson shares in his article several examples of innovative ideas that were shared during a pitch event in South Africa as part of his Branson Centre for Entrepreneurship in Johannesburg, which has supported 479 entrepreneurs across 21 industries by sharing knowledge, networks and resources. The Virgin Group created the Centre a few years ago because they saw a need and they wanted to do their part to help aspiring entrepreneurs build their dreams, reach their goals, and knock down the 25 percent unemployment rate by increasing the number of small business startups.
Read more from Branson here: http://www.entrepreneur.com/article/229393#ixzz2honq0H85
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