Test Your Idea
There are two components that are the absolute fundamentals of innovation:
1. Clear Product Definition
2. A Market Orientated Team
If you don’t have these then it’s more likely your product development will fail.
If you want to test this click << HERE >> and download the indicator chart. If you score less than 2 you need to think carefully about how to fill the gaps in your strategy.
What makes the difference between success and failure is shown in the following diagram:
If you score less than 2 - here are some actions you can take to improve the score. These activities are split between Wisdom, Culture and Reach – all of which are necessary for successful innovation:
WISDOM
• Innovation requires time - time to think, to experiment, time to talk about possibilities and ideas - have you allocated enough time to do this?
• You need to share your idea with people who can make it happen. Get a non-disclosure agreement, then pick the right people for your team.
• Appoint a Project Leader with the wisdom to manage people & ideas, who can inspire a shred vision.
• Team members need to know the goals, responsibilities, and performance expected from them.
CULTURE
• A successful innovation is a blend of people and processes - give an equal amount of time to both.
• Innovation means doing something that hasn't been done before, which implies risk. If there is no risk, there is no innovation.
• Innovation is driven by a market-orientated team built around a common objective and trust. Trust requires honesty and openness.
• Culture promotes the effective communication of and distribution of ideas.
• The whole team has to demonstrate their commitment.
• Communication is needed to discuss problems with the project, handle conflicts within the team as well as with third parties.
• Every team member has to be informed and involved in making decisions that affects the team.
• Incentives help to ensure a focused and dedicated team. It is important that the incentives are tied to the project’s success.
REACH
• Successful innovation requires new processes, time, energy, commitment and resources. Make sure you are prepared for this.
• Innovation requires communication of new information - between your network of customers, suppliers, and researchers.
• Reach is about getting ideas implemented. You will need a project plan.
• Customers have to be involved in the innovation process from the start.
• A communication system where team members, customers and suppliers can easily transfer knowledge between each other is a good way to improve the team's competence.
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| Success is defined by sales growth, a positive profit contribution after project costs, and the satisfaction of bringing something new into the world. | Success is driven by a market orientated team with good knowledge of customer needs and preferences, and with clear aims and objectives. | The team has shared vision and values and the commitment to commercialise a product with unique and highly visible benefits that has a high purchase importance for the customer. |
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