How to Innovate Without Wasting Money?

Are you looking for ways to innovate your business without wasting a lot of time and money? Find out here tips and special rules used by Pagonxt - A Santander Company to save while getting the best result.

What is innovation?

From the Latin word “innovatio”, innovation refers to an idea, process, methodology or object that appears without similarities to previous existing standards.

 According to the Nasa Technical Reports Server (NTRS) report , innovation happens when new knowledge is implemented or a new use of existing knowledge, acquired through research and experiences carried out by companies.

In this way, to innovate is to bring new answers and effective solutions to the challenges faced by society in any sector: public, private or non-profit.

7 innovation stages from the idea to scalability

Step by step to innovate

If you managed to identify the stages of an innovation process for your business, the time has come to put what you've learned into practice with your team members.

Grab your notebook and write down these tips for effective innovation management with your team.

Start small and test before expanding.

 The best way to create innovations without wasting money is to start small. Start with a simpler version of your product or service (the MVP cited above) and then test it out before expanding. So you can understand when, where and how people are using your products or services to adjust your offer to the real needs of the audience.

Position the innovation in the company's existing processes.

You shouldn't be afraid to implement innovations that will completely change the process in your company. It is often possible to modify old processes to take advantage of new technologies. This can mean minor tweaks to existing efforts to improve efficiency and save resources as you position yourself for growth.

Use the right tools for your specific purpose with limited budgets.

You can save money by looking for the best technology tools out there that help you innovate, but also fit your limited budget. For example, choose software platforms whose free plans meet all your basic needs to get started; link them with other powerful tools to facilitate automation and internal processes; Optimize your use of these tools by purchasing cheaper advanced options as your growth requires.

Find out how Pagonxt | A Santander Company trained its team to innovate.

Train your team to innovate | Case Pagonxt - A Santander Company

Pagonxt is a global startup of the Santander Group, the world's leading provider of payment solutions for merchants, international businesses, SMEs and consumers.

As an organization in constant growth, it focuses on the development of its employees, with the aim of creating new products that facilitate payment processes and integrated solutions, meeting the needs of its customers.

With a large remote team with different skills, Pagonxt was faced with the challenge of creating new products and integrating the team's direction, all at the same time.

But how to align concepts in a global company, with remote employees and in continuous changes?

In order to meet the necessary qualifications for their teams, the training specialist, Marcelo Odias Castro, searches for corporate team buildings  capable of promoting innovation and for differentiated cases in the market, and found in Startup Mundi “the best in learning” of corporate teams:

“ Startup Mundi represents a lot of that. It has the whole context of innovation, it has the experience part, which is something I look at a lot here too. So you will be inside a training session, inside a game, inside a challenge. You will always be stimulated and, at the same time, you will be learning .”

Results

 With two sessions of the Startup Mundi Game already held, Marcelo says that the results and impacts  could already be noticed from the first application of the methodology: “ I already see people who managed to bring this mindset to Pago, in developing their day-to-day activities. day, even using the session for a real theme ”.

• Teams aligned with innovation terminologies and concepts;
• Mindset and experience of startups applied to daily activities;
• Agile validation of ideas for new products in a risk-free environment, quickly and without wasting resources.

Watch the video and find out how Startup Mundi's team building and innovation process was with the team at Pagonxt - A Santander Company.