Success in Innovation

Summary I

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 ...