INNOVATION SHOULD FOCUS ON REAL NEEDS

http://www.bdo-thaitax.com/bdo/in-the-news/2300

Bangkok Post - 10 June 2010

New innovative products should focus on meeting functional needs or creating new untapped market niches to increase their chances of success, leading designers and entrepreneurs say.

Singh Intrachooto, the architect behind the Osisu brand of furniture and accessories made from waste, said innovation should be focused on tapping viable niches in the market which are undersupplied. Lightweight water containers for people in Africa and more affordable wheelchairs for physically disabled people are two examples, he said.

Most innovative products are designed to solve functional problems or to set new trends, he said.

"At the same time, innovation can create new markets and make the product itself viable," Mr Singh said at a forum hosted by the National Innovation Agency (NIA) yesterday.

"Consequently, a market survey may not be needed for new products to be launched."

The Osisu brand is such an example. Mr Singh created it in 2005 when market research showed there was no demand of such products in Thailand.

"In early years of Osisu, about 90% of our products served overseas clients but now half of them are domestic," he said.

Suthipong Suriya, managing director of branding company Karb Style Co, said innovation should be applied in food design.

"Not only food packaging, but the designing of food will help because we eat three meals everyday," Mr Suthipong said.

"Thailand, meanwhile, has a strong profile in food exports, 50% of which are ready-to-eat meals."

Most Thai restaurants are unable to set high prices for their menus as little innovation has been applied increase the value of the meal, said Mr Suthipong, who designs packaging for several food exporters.

Chaiyong Ratana-Angkura, editor in chief of the Thai edition of Wallpaper* magazine and a member of the Creative Fund committee, said market-savvy innovators should apply for support from the 600-million-baht fund.

But the fund, part of the government's Creative Thailand campaign, is facing uncertainties over its state budget this year, he said.

The NIA has requested 300-million-baht from the creative economy campaign for its product design and food design projects but has not been allocated a budget yet.