Inspiring blockbuster ideas and innovation

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Making sure that the idea generation and innovative process has the resources that it needs to succeed is sometimes a difficult task

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Inspiring blockbuster ideas and innovation

  1. 1. INSPIRING BLOCKBUSTERIDEAS AND INNOVATIONFor additional information about Innovationplease visit www.InnovationGrow.com
  2. 2. www.InnovationGrow.comInnovation, just as most business concepts, takes resources and abudget to make it a reality.Making sure that the idea generation and innovative process has theresources that it needs to succeed is sometimes a difficult task. Thefinancial officers have a difficult task of quantifying exactly how muchshould be spent when the return on investment (ROI) isnt easy tocalculate.You therefore have to caution your financial officers and executives togive innovation a large enough budget to succeed and the best way todo this is to have an innovation process ready to go.2
  3. 3. www.InnovationGrow.comTrying to implement an innovation process with a conservativeaccounting style will hamper the process ability to generate andimplement blockbuster ideas.This can also have a negative impact on long-term growth as theprocess needs enough resources to effectively generate ideas.Spreading the losses and gains over a few years may make conservativecompanies cringe but it has been shown to amplify the size of theinnovation; as the ideas have more time to mature.Creating and implementing a solid innovation plan that allows thetesting of the idea to be carried out in a cost effective and quick mannerwill allow you to feed the ideas that gain traction and quickly end theones that dont.3
  4. 4. www.InnovationGrow.comHaving an innovation plan and process will also allow you to determinethe metric for what is a successful idea. Working with the financialofficers and executives to quantify this metric will put everyone at easewith the innovation process.Once there is a solid process and you have the metric, creating andinspiring the blockbuster ideas comes down to leveraging the creativityof your entire network.Getting as many ideas through the testing process without limiting orpre-screening the ideas will be more costly but it will also uncover someunknown gems in your industry. Encourage creativity and reward theidea creation process and you will have no shortage of ideas to test; oneof which may be your next blockbuster innovation.4
  5. 5. www.InnovationGrow.comIt all comes down to balance and making sure that you have a tightinnovation process.When you and your financial officers are comfortable with the budgetand process let it work its magic and generate then test as many ideasas possible.If you face any problems with cash flow or business process you canapply the innovation process to help solve these issues as well. Whenyou set the budget for the innovation process make sure to addadditional funds in order to iterate on the process itself.5
  6. 6. www.InnovationGrow.comFinancial conservatism is great for keeping capital and cash flow but ifyou require innovation, as almost every business does, you have to fundan innovation process.Although the ROI may be difficult to calculate in the beginning, after theprocess has been running for some time you should be able to at leastcalculate some of the ROI if necessary.Dont through money at innovation without a process, but once youhave a solid process dont be afraid to fund it well.6
  7. 7. GROWING BUSINESS WITH INNOVATIONFor additional information about Business Innovationplease visit www.InnovationGrow.com

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