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Not all innovative ideas convert to success. In fact, the vast majority of innovative ideas do not succeed. So when converting an idea into reality, are there some key processes within the innovation program \u00a0that can help to secure higher success rates? \u00a0Turns out that innovation is indeed a series of processes that can be thought of as the 7 stages of innovation.<\/p>\n
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Stage 1 –\u00a0Generate Ideas<\/strong><\/p>\n The ability to solicit and capture ideas from as wide a net as possible within and outside the organization from employees, customers, suppliers, etc. is fundamental to the success of any innovation program. \u00a0Creating incentives to share ideas contributes to the richness of the conversation and the quality of the ideas.<\/p>\n Stage 2 – Find Champions<\/strong><\/p>\n Ideas that are selected need champions to implement. The seeds of innovation need committed farmers for cultivation and growth. The champions might be a team within the organization, perhaps an early-adopter customer who takes the idea forward. A team is always better than just a lone individual pushing the idea.<\/p>\n Stage 3\u00a0–\u00a0Build a Model<\/strong><\/p>\n This might be a business model or a business plan. The team discusses and reviews target audience for idea adoption,\u00a0key features, activities and implementation issues. The team also discusses financial and other resources needed for taking the idea forward. \u00a0All of this\u00a0constitutes a first iteration of an idea model.\u00a0\u00a0 It is possible at this stage that there are multiple models for the selected ideas.<\/p>\n Stage 4\u00a0–\u00a0Evaluate in the Real World<\/strong><\/p>\n This is where the idea models go in front of sector or industry professionals, potential early adopters and the “crowd”. The more the diversity of opinion and the more inputs there are, the better the quality and accuracy of the feedback. The aggregate market is never wrong is the principle at play here and this is what helps to bridge the gap between your opinion and market reality.<\/p>\n Stage 5\u00a0–\u00a0Filter Against Objectives<\/strong><\/p>\n With all the data gathered, the \u00a0idea models can now be assessed according to various criteria such as production cost, unit cost, marketability, feasibility, profitability, etc. A failure to assess ideas against business objectives is one reason why so many innovative ideas fail.<\/p>\n Stage 6 – Get the Resources<\/strong><\/p>\n Allocating the right resources in terms of initial funding, working capital and skilled resource to convert the idea to reality is what is required in this stage. An inability to attract such resources whether from external sources such as investors\/financial institutions or from internal sources is often the\u00a0cause for the idea or venture to fail even before it gets going.<\/p>\n Stage 7 \u00a0– Do the Marketing<\/strong><\/p>\n Marketing the completed idea whether through a market launch event, advertising, using\u00a0idea advocates within your customer base, etc. is the all-important stage that provides a springboard for success and velocity of adoption.<\/p>\n <\/p>\n <\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Many innovative ideas do not convert to success. The 7 Stages of Innovation help to improve the chances for success of the innovation program<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[52],"class_list":["post-1371","post","type-post","status-publish","format-standard","hentry","category-creativity-and-innovation","tag-innovation","post-preview"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/posts\/1371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/comments?post=1371"}],"version-history":[{"count":3,"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/posts\/1371\/revisions"}],"predecessor-version":[{"id":1375,"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/posts\/1371\/revisions\/1375"}],"wp:attachment":[{"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/media?parent=1371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/categories?post=1371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mdi.com.pk\/management\/wp-json\/wp\/v2\/tags?post=1371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}