When we have a seemingly great idea, we tend to spend a great deal of time answering the Approach question, coming up with the perfect “solution” to our customer needs. However, we will be much more effective spending that time ensuring we thoroughly understand our customer needs and confirming that there is a viable need in the market. When we have those elements of our value proposition well defined, we should then take it to a wider audience within (or outside of) our organization for review, discussion, and refinement. Carlson and Wilmot aptly call these types of reviews “watering holes” where a variety of individuals and teams come together to provide insights and feedback to help us further improve the idea.
Other elements that matter when determining whether an idea is a potentially viable innovation include:
Size of and potential growth of the market
Alignment with organizational goals
Investment needed
Time to get the product or service to market
Return on Investment (ROI)
All innovations should be tested against these additional criteria, regardless of who in the organization has come up with the idea.
Innovation begins with solving a problem for our customers, and it requires a customer focus and business / entrepreneurial mindset. Large organizations often have formal R&D or Innovation teams, but that’s not where the best ideas and innovations generally come from. In fact, studies show that the vast majority of industry-changing innovations are developed by entrepreneurs.
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