When asked, the majority of business leaders will tell you, without hesitation, that their corporation is innovating. Right now, innovation in every industry is driven by leaders tapping into employee experience, customer creativity, and outside expert knowledge through crowdsourcing, and supporting the new and unexpected ideas. But with this expanded network, how do you select the most fruitful ideas for implementation?
Kickstarter’s stats page proudly displays their successes: 63,507 funded projects and $1,160,829,721 pledged. This number is on the rise – I bet it will have risen even by the time you read this. With so much consumer support, you’d think that funded projects would be a sure thing.
Not all funded projects, on Kickstarter or its myriad competitors, make it to the market. Crowdfunding can get the ball rolling, but green entrepreneurs can fall victim to their newness before products make it to market. When products don’t make it to deadline the fans that bought it quickly grow disgruntled, and the results are sadly predictable. Hit the ground running – the planning must start before the campaign, and continue throughout fundraising and production.
According to the Washington Post, in interviewing 100 chief innovation officers from corporations around the globe, Fahrenheit 212 discovered that for 45% of the sample less than 10% of innovation projects ever made it to market, and for 21% of the sample only 10-25%. Only 14% of those sampled could say that 50% or more of their corporations innovations were finalized and entered the market.
Remember Crystal Pepsi and New Coke? Even well established companies, with a dedicated customer base and an array of successful products can fail when they launch new products. Fortunately, Pepsi and Coke managed the failure expertly, and re-won the hearts of their fans before they self-destructed.
For innovation to be disruptive, it must go public – implementation of strategies and systems, and introduction of products to the market. Planning must happen at every step. Know what ideas to implement before you dedicate resources to them with decision matrix software, such as ReviewScale from IdeaScale. Evaluate innovative ideas with known constraints and measurable values. Learn more about putting innovation in it’s place with our webinar introducing the brand new ReviewScale decision matrix software.