How "costovation" can boost your business

12/12/2013 | Forbes

Many firms pursue expensive innovation initiatives that result in higher costs and increased prices, writes Stephen Wunker, head of New Markets Advisors. But there are also opportunities to innovate by lowering prices and finding new, more efficient ways to serve your customers. To make this sort of "costovation" work for your startup, it's critical to identify a specific customer segment, learn from other successful companies and look for opportunities to lower the hidden costs of doing business, he writes.

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