Innovation: difficult but essential to a growth company and success
Worksport has been a leader in innovation from the beginning. Our very first tonneau cover was a breakthrough. It wasn’t like anything else on the market. Being an innovator, however, requires a strong belief in disruption to become a growth company. It means telling people about what’s ahead. The market is almost always lags behind the innovator. Potential users don’t realize yet that the product would be very useful. And the innovator must go through so many steps to perfect products, as we did. After developing the first Tri-Fold light truck cover, we believed it challenged the market. It met and exceeded the needs of light duty pickups. Only 180 trial units, were produced. They might be collector’s items today.
Succeeding in a competitive market
The market was competitive and saturated. The Tri Fold debuted as a highly refined product, aggressively priced. Before Worksport could deliver initial orders, clients demanded another 400 units, and then 800 more – of just one model. And yet so many truck owners in a huge market multi-billion dollar market appeared to be content with other covers that didn’t really work. Ours did and thats what is needed to become a true growth company.
Successfully exploiting new ideas is crucial to the kind of business growth we seek. Introducing new and improved products increases sales but also accomplishes increased efficiency and enhanced profitability. At Worksport, for example, several products at a time are being perfected. Some might not see the light of day. We hope others will be a big success, leading to growth and profitability – and investor interest. Investors are always on the watch for companies to invest in.
The key for a growth company
Clearly an innovation like the Tri Fold and its successors the Quatro and the Forte truck covers introduce something new. They result in improving or replacing business processes. They help consumers do their work better. Extending the range of products or improving their quality is also innovative, which we also pursue. That is also something customers also value. “We engage in continuous improvement and listing on the Canadian Stock Exchange is just the beginning,” said FNHI and Worksport CEO Steven Rossi. “That is important with existing products. But what we are really all about is developing entirely new and improved products, like the Helios solar tonneau cover. We do this to serve our market, which needs innovative products. Our goal is to be far ahead of what people think they need. That is the key making a business grow, and be of interest to investors as a growth company.”
Innovation is so vital in the workplace, Rossi said. It gives companies like Worksport a badly needed edge in penetrating new markets. “When a company has an innovative culture, it’ll grow easily, despite the fact that the creative process isn’t always simple,” Rossi commented. “We are a growth company and an innovative one. That means we are well on the way up a growth trajectory.”
The future of innovation defines Worksport’s future, Rossi said. “Adopt innovation, take risks, exude passion, let it define you,” commented Forbes magazine. “And most importantly, don’t be afraid of failure. It’s the opportunity for success.”