4 UsefulTips for Bringing Your Innovation tothe Market
When discussing innovation as well as new ideas, most people love to focus on the “funny” parts, creativity, brainstorming, and how to get ideas. Once the great meeting is done with, the whiteboards get erased and those action items are then listed. How then do you ensure those great ideas are transformed into real innovation for the business? How do you develop a system to bring your innovation to life?
Creating a “system” for something that is supposedly pure and as hard as grasping innovation could sound anathema, however, as any small business owners already know, without a good system nothing can be done. Below are some key points to have in mind which will assist in ensuring that your innovations and ideas do not fall by the way, but get to market.
To understand the various innovation types. You and your team might come up with great ideas which include:
- Innovations to already existing products or processes within the business which make them better, cheaper to produce and more efficient.
- Innovations which are also add-ons or are spinoffs to already existing services or products.
- The following are tips to consider if you want to bring your innovation to the market:
#1: Look out for risk-reward trade-off
All innovation has risk involved, some much more than others. In some cases, the cost, time, and effort needed to bring in a game-changing idea or plan to fruition can be substantially much more than that needed to spin off the product for which you have suppliers and distributors already in place. Properly weigh the innovation developing cost against its potential reward. After that, focus on a different mix of innovations so you are neither not thinking too small nor having your resources overtaxed.
#2: Dedicate all adequate resources
You must have heard a lot about how small companies are naturally more innovative, which may be true in certain ways. But smaller companies can also get hamstrung by lack of resources (time, human, financial) for making things happen. Do not develop any innovation unless you possess the resources to put into it. Or else, you are dooming your project to failure.
#3: Create leadership, not just your personal own
Leadership should come from the very top to down, and it is important that you properly support the innovation. However, let’s face it; you are so busy that you are not particularly the needed candidate to drive the project on a daily basis. Select someone to claim ownership of innovations in the business.
#4 Look for partners:
If you don’t have in-house resources then it is good to look for a strategic partner who could to bring your innovation to life. You can find the small business owners, distributors, and manufacturers. But always keep in mind that your partner should have a lot of connections, skills that you lack. He/she should be a trusted person that helps you to market your innovation in a great way. You can partner with him/her and promote your product on a different social platform. Buying Instagram likes and Twitter followers can help you to get an impactful image of your innovation across all social channels.