Innovation can be described as creating a bridge between the world of knowledge and inventions, and the world of customers and value. For a start-up company, a good working definition for innovation is “Innovation is creating a successful business from an insightful idea.” Crossing the bridge and creating a business with an innovation is a process with four distinct stages:
Stage I — Creating the product and business concepts.
Stage II — Developing and demonstrating the product.
Stage III — Developing, or creating access to, the supply chain.
Stage IV — Building the business.
The stages are separated by tollgates, and at each tollgate, the value of the innovation and the business model needs to be reassessed. Before starting the ...