Empowering A Connected World
We have spent decades bringing innovation to market and over this time watched hundreds of millions of dollars in lost market opportunity take shape due to lack of preparedness. Whether your great ideas are originating fromlarge, multi-national companies, small start ups, or academia these six considerations may make the difference between having a great idea and executing a great idea.
1. Do not oversell the readiness of an innovation.
Many times the technical readiness of an idea or innovation is not as “ready” as what is sold or pitched to a potential customer. Nothing is more disappointing, and potentially damaging, as selling in an idea and then under delivering when it comes to meeting target dates or expectations. Be sure to be realistic with your readiness and the time it takes to move from one stage to the next on the journey to market execution.
2. Integrate your innovation.
So many great innovations are but one piece of a puzzle in regards to being fully market ready. There may be other elements physical or application wise that need to be worked in parallel and support your innovation. There is frequently an assumption made that your customer will be able to manage the integration and that is, in most cases, incorrect. If you are not integrating your innovation then be prepared to be able to provide the steps, and even better the partner(s), that can do this making the system solution ready for
application. If you are not prepared your customers may walk away if they don’t have the resource and experience to manage the integration.
3. Be prepared for manufacture.
Great innovators can sometimes only see as far as their prototype or their laboratory. When selling your ideas or innovation be prepared to answer the questions around how it will be produced, the scale required, and the costs involved. Know the specification, the production techniques, and the quality checks required to deliver success ongoing. Be open to get help or direction from experienced producers. The difference between controlled environment prototyping and in production manufacture is night and day.
4. Know your costs.
Many times, ideas are being pitched without a knowledge of the total cost to produce and maintain. A significant few even ask questions around what the idea is worth to determine what margin or value they can achieve. Going through an activity cost-based exercise will help you to understand what the total cost is today and for future scale up. Knowing the cost leads to knowing the value. And remember – cost is not price.
5. Open your mind to new markets.
Innovation generally takes shape to address or solve a specific problem or improve upon a known opportunity. It helps when others outside of your field, or those directly involved in the innovation development, know the
basis of how the innovation works to help identify other market potential that extends beyond the original thinking. Your idea may have much more value than originally intended and it may service many more markets than the initial target.
6. Great ideas always improve.
No matter the idea or innovation you are working know it is not static. There can always be improvements made, some small, some large, that improve the overall performance. This could be in how and what it delivers, simply better ways for how it is made, or finding and creating a second life beyond the original delivery. Knowing it is dynamic is key to longevity.
The world is thirsting for good innovation. Getting your innovation successfully to market can be more complicated and take more time, resource and money than the actual creation of the innovation. The above six areas take a significant amount of time and investment to prepare for and complete successfully. If you find you need help with your innovation ecosystem please reach out. Our decades of experience working in this space will help you execute your great idea getting it to market faster and bringing you more value.