5 Powerful Ways To Evaluate Innovation Ideas
There are so many different ways to evaluate an idea for business innovation. Most importantly an innovation idea must bring growth to the business. Incremental is not enough for innovation. We’re looking for disruptive ideas that are 10x better than today.
Here are the five essential models to help you better understand your ideas:
- Business Essentials - Effort vs Reward
- 10x - Innovation Impact Spectrum
- Horizon Planning
- Design Thinking
- BCG Box - Share vs Growth
Efforts vs Rewards
Great products require considerable efforts. Make sure it’s worth it and create something that dramatically improves life for users, customers and the bottom line.
Great companies have more than world-class customer experience. They have amazing products and innovations that leverage the scale system-wide.
Innovation is key to defending your core business today. Status quo is not enough. Expansive and transformative thinking will build the business of tomorrow.
Design thinking is more than pretty interfaces. It’s about creating products that users love, that are also viable and profitable.
Creating growth is hard. Don’t just grow the business. Make sure you’re developing the most significant opportunity possible.