How to transform an innovative idea into profitable
The magazine is published materibiz.com an excellent method of how to transform an innovative idea into profitable, authors and Federico Ast Ari Sabbgh say it is possible to lead a creative idea to innovation generating profitable projects.
Entrepreneurs know that to survive, they must offer new or better innovation to customers, but it is a high risk activity. According to market research firm AcuPOLL, 80 and 95% of new products fail.
In this way, organizations are facing a double challenge. On the one hand, they need to generate creative ideas to survive and on the other, should prevent project failure in implementation.
In their article they present a method of managing innovation that can generate the conditions for the production of original ideas and implement them in a context of controlled risk. (I only present the titles of the method will find the link below the complete publication)
The model is relevant for innovation teams to large organizations and entrepreneurs seeking to launch a new project to market.
1) Creativity: generating new ideas
Pablo Picasso said: “Every act of creation is first of all, an act of destruction.” Indeed, creating requires “destroy” our conventional way of thinking. But we need the genius of the great Picasso to forge an original idea.
2) Searching for information and the assembly of the equipment
The University professor and expert on entrepreneurship at Babson Jeffry Timmons developed a model that serves as a guide for gathering information to take the first step towards validation of an idea or discard it.
… Many ideas die at this stage. This is certainly positive, since we avoid spending time and money to continue an initiative with little chance of success. By contrast, if the answer to these questions suggests that the idea is viable, we can move to the next phase: the development of a prototype.
3) The development of a prototype
Based on the information gathered so far, we have reason to believe that the idea is viable. But this is not enough. There is still great uncertainty about how it would be the practical operation of the business. The next step is to develop a prototype, an initial sample of the product or service that we expect to launch.
4) The sale of the idea
So far, our idea has passed various tests. We already have a reasonable degree of certainty about its viability. But nothing will help us if we are unable to communicate effectively to the people we need to join us in the venture.
5) Conclusions
In this paper we have presented a systematic method to move from creativity to innovation, from idea generation through its conversion into actual projects and winners in the market. Of course, absolute certainty is not something we can aspire to in the field of business. But doing nothing is not an option.
Being innovative is not to give a “leap of faith” to the market but how to take intelligent risks. This method combines unstructured and visceral thinking in generating the bold ideas, and structured and logical thinking when evaluating the feasibility of its implementation.
“Genius is 1% inspiration and 99% perspiration” Thomas Edison.
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