Innovation looks different in every business. For some, it means developing new technology, and for others, it means finding smarter ways to solve customer problems, enter new markets or scale a growing business.
In this new Innovation Leaders series, we’ll speak to the leaders behind some of the UK’s most innovative businesses to explore what innovation means to them, how they approach R&D investment, the challenges of scaling new ideas and the technologies and trends shaping their industries. We’ll also uncover the lessons they’ve learned along the way and their views on the future of UK innovation.
To kick off the series, we speak to Jason Tassie, Founder of Know Your Business, about the importance of timing, testing ideas, and putting real customer problems ahead of technology.
What’s one lesson you’ve learned from your innovation journey?
I think that timing is probably one of the biggest lessons I’ve learned. A lot of businesses assume that being first to market is automatically a good thing, but being first can be incredibly expensive.
You can have the right technology and a genuinely good idea, but if the market isn’t ready for it then you can just spend a lot of money trying to change people’s behaviour.
I’ve been building digital businesses for more than 20 years, and I’ve seen plenty of ideas that were technically possible long before they became commercially viable. Innovation isn’t just about asking “can we build this?” You also have to ask “is now the right time?”
How do you decide which ideas are worth investing in?
I try to start with the problem rather than the tech because it’s very easy to get excited about a new piece of technology and then go looking for something to do with it.
A much better starting point is whether you’re solving a genuine customer problem and whether the improvement is significant enough for people to change what they’re already doing.
I’d also rather test an idea relatively cheaply than spend months trying to perfect it behind closed doors. One of the advantages businesses have today is that you can often build, test and learn much faster than you could 10 or 20 years ago.
You don’t need every answer before you start, but you do need to be disciplined about recognising when the evidence is telling you an idea isn’t working.
Which emerging technology or trend will have the biggest impact on your industry?
AI without question. In digital comparison and financial services, I think it will change both how businesses operate and how consumers find and evaluate products.
A small business can now do things with data, content, software and customer service that would previously have required much larger teams, and ultimately thats going to be great for the consumer.
What’s one piece of advice you’d give to another business looking to invest more in innovation?
Don’t innovate for the sake of being innovative. Start with a real problem, test your assumptions as cheaply as you can and pay close attention to timing.
I think businesses sometimes believe innovation has to involve a huge R&D project or a completely new product. Often the best innovation is much less glamorous: find cheaper or easier ways of doing something customers already need.
