Al Humaidi Family Kuwait-Centric Business Innovation
In many ways, innovation is the lifeblood of any successful business. This is because, at its core, the entire pursuit of business is to solve problems for customers more effectively and efficiently than the competition. This is largely accomplished through innovating new business practices and methods that can outperform competitors and bring value to customers. Of course, the question then becomes — how can one encourage innovation within their business? To answer this, we’ve explored the example of the Al Humaidi Family Kuwait-based real estate operations. Read on for a look at some of the innovations created by the family and for a deeper look at how businesses can build innovation into their own operations
Al Humaidi Family Kuwait Operations Look Beyond Efficiency
One of the most prevalent and misleading ideas in business is that efficiency is the most important metric that one can improve upon. While efficiency is certainly an important business metric, ruthlessly improving it without bounds can serve to squash innovation before it ever has a chance to bloom. This can be because some types of efficiency improvements can slash the budget or available time to dream up ideas that currently fall outside the business’s normal method of operation. While this can mean that more staff time is devoted to existing initiatives, it can also mean that there’s not as much brainpower going to new business concepts that could someday become a business focus.
This is one of the reasons why the Al Humaidi Family Kuwait operations look to go beyond efficiency-centric business models and to truly invite innovation into their practices. In doing so, the family is able to create new and different ideas for their operations and to come up with new ways they can serve customers across the world. This has the added benefit of expanding the scope of their business to adjacent sectors when appropriate, which can be seen in the way the family has supplemented their real estate operations with forays into tourism and entertainment.
London Theme Park
One stark example of the above concept in action has been work by the Al Humaidi Family in Kuwait and elsewhere to create industry-leading development projects. This has led to the creation of a new design for a London-based theme park that has become a focus of the world’s tourism industry.
Proposed to open in 2024, the park has drawn a host of comparisons to some of the biggest players in the theme park space, like Disneyland and Universal Studios. Encompassing a number of lands within its boundaries, the project will work to create an immersive themed experience in each different section of the park. This will include themes that touch on science fiction, magic, and fantasy. Themes will help to shape the design of rides, eateries, dramatic performances, and commercial experiences. By maintaining consistency in theme across all of these different elements, the park hopes to create a more striking experience for visitors that will linger with them long after they leave its grounds.
The theme park stands out as an example of what can happen when resources are allocated beyond the narrow focus of efficiency. Rather than seeking to focus solely on improving past creations through efficiency improvements, the family worked to branch out into new spaces by collaboratively brainstorming new and innovative ideas for their brand. The results speak to the power of imagination in the field of business and how it can open up new opportunities that can transform an entire operation.
Al Humaidi Family Kuwait Operations Embrace Uncertainty
One prominent aspect of innovation is it is often coupled with uncertainty. For this reason, many businesses can shy away from its pursuit, opting instead to stay in the comparatively safer waters of their existing work. While this can be tempting, this type of “play it safe” mindset can sometimes lead to stagnation, which can be a death knell in a field where growth is prized above many other attributes.
To avoid such an outcome, the Al Humaidi Family Kuwait operations have often been characterized by a willingness to embrace uncertainty and test the bounds of their business endeavors. While taking on risk in this way can sometimes lead to outcomes that are less than desirable, the practice also has the potential to open up doors that would have otherwise remained closed. The above example of the family’s upcoming themed amusement park speaks directly to this point. Though it seems poised for success now, with people already excited for its opening, it was a business idea that involved its fair share of risk. That risk was not taken on lightly but seems to have paid off in the end.
Lastly, it’s important to also touch on the scale of a business’s innovations because this can be a detail that can either make or break a new venture. While innovation is a laudable goal and its pursuit can bring many benefits, it can pay to start small in this area. That’s because innovation is a skill to be learned like any other. Swinging for the fences right from the start can be exciting but may ultimately be misguided. Such big swings, while potentially ushering in success, can also set the stage for a larger failure.
For this reason, it can pay to take measured risks when one is first dreaming up ways to innovate for their business. This type of innovation might just be a new way to manufacture an important piece of one’s products or to improve the customer experience. Perhaps it does entail a new product but it’s more like an add-on to an existing offering rather than an entirely new endeavor. Whatever the form it takes, this type of innovation can deliver the greatest benefit by staying directed and limited in scope. If it turns out to be a success, it can be built upon later to further reap the fruits of the innovation.
While there’s plenty more that can be said about the pursuit of innovation in business, the above overview can at least act as a jumping-off point in this area. By looking at the ways in which the Al Humaidi Family Kuwait and worldwide operations have incorporated innovation, we can gain a greater understanding of how businesses of many different kinds can also achieve this goal. In this pursuit, it pays to look beyond efficiency, consider risk, and start small. Beyond that, using your own base of knowledge in your field and specific business can also be of great use. Strive for a holistic approach that incorporates all of these principles so that you can be better equipped to bring innovation to the parts of your work that need it most.