Innovative ideas can disrupt existing markets or completely change how people think, work or interact, but that can’t happen if the ideas remain theoretical and are not translated into practice. In the end, the secret of successful innovation relies on idea implementation and innovation analysis provides an organization with the tools required to assess innovation ideas and plan their implementation.
Innovation starts from the beauty, simplicity and originality of a new idea. Original ideas are rare to find. Sometimes a new way of associating existing concepts, processes or products might do the trick. Other times an iterative approach can lead to a new and original idea. Original and disruptive ideas are rarely born.
New ideas don’t come on their own out of the blue. A new challenge, a new context, a drive or a need can catalyze developing new ideas. A discussion that brings additional insight from a different perspective always helps better shaping the ideas.
“Innovation is the multi-stage process whereby organizations transform ideas into new/improved products, service or processes, to advance, compete and differentiate themselves successfully in their marketplace”.
Applying some basic business analysis methods can help assess, analyze and put innovative ideas in practice.
Is it real? Can we win? Is it worth doing?
- Is the market real?
- Is the product real?
- Can the product be competitive?
- Can our company be competitive?
- Will the product be profitable at an acceptable risk?
- Does launching the product make strategic sense?
Discovery driven planning
- Company overview vs Market overview
- Discovery driven planning
- Reverse Income Statement
- List of activities to run the venture
- Quarterly or Yearly reviews
- Track all assumptions
- Revise the reverse income statement
- Adjust the long term plans
Assessing the risk across an innovation portfolio
Business Model Innovation
Go To Market Strategy
Yes, these do look as textbook examples. That’s because they are. The difference is made on how we implement them.