Success in Innovation

3

Building the Business

3.1 The building blocks

The problem that any techno-starter faces is that success in innovation involves building and running a successful business. Building a business requires a different set of skills from developing an innovative product and not every starter will master those skills. Building a business involves creating an organization with a staff, a structure, protocols and procedures for channeling the activities, keeping track of the money, and enabling management to steer.

There is a set of activities that can be considered to be the building blocks for growing the value of the company. They are related to understanding what to do, the competitive position of the company and possible exit opportunities, and developing ...