There are a number of places where you can search for new ideas and new applications for existing products and services.
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Inventors’ Association and Patents Office |
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State development authorities |
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State small business agencies |
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Trade associations and industry groups |
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Trade shows |
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Overseas embassies’ export departments |
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Trade journals and other publications |
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Overseas visits |
Ideas can also come from spotting changes in markets. This not only involves detecting new trends, but also interpreting the impact of these changes on how people spend their money. Here are some examples.
The proportion of people aged over 65 is rapidly increasing. This group is important both as a retail market and as the largest consumer of health products and services.
The proportion of women in the workforce has increased dramatically. Half of all working-age women are in the workforce, half of working married women work full time, and half of working women have children less than 18 years of age. Working women and two-income families represent new spending patterns, especially for services.
Changes are occurring to our value system. Traditional values such as the ‘work ethic’ are declining in importance. There is greater emphasis on the quality of life. Interest in ‘green’ or environmentally friendly products is growing. There is a shift towards voluntary simplicity and non-material experiences that affect the ways in which people spend their money.
Convenience is an increasing feature of the goods and services demanded. Eating out, house-cleaning services and Internet shopping are examples of the trend towards convenience. Many people will pay extra for convenience in order to save time for other pursuits.
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