Looking through annual reports, you’ll find innovation is a key component of most companies’ strategy to deliver growth. And you’ll also see the imperative for speed to market. CEOs need to cut the time from new product conception to market launch and help deliver a quicker return on innovation investment for shareholders.
All this makes perfect sense, but there still is the risk of failure. Failure is a part of the DNA of innovation – you will never eradicate it completely. However fast-tracking ideation to the marketplace can increase risk.
Delays in the name of gathering more information to reduce risk can paradoxically increase risk. Moving too slowly can give the competition the chance to launch first and if they get it right, we all know the challenges of overcoming first mover advantage.
So, the key to a successful innovation is getting the right balance of research rigor and speed, and focussing your energy on the stages of the research process that make the biggest difference.
Concept screening is a critical stage – when you give an idea the ‘green light’ it triggers significant investment in product development.
Most companies don’t have the resources to develop all the good ideas they generate, so it’s important to not only screen out the bad ideas but prioritize the ones with the greatest growth potential as well.
In my experience, once a company has invested in product development it is very difficult to stop the project. After a lot of money has been spent, there’s a reluctance to admit it was a bad investment, which leads to stakeholders trying to make the best of it.
Choosing which ideas are worthy of moving forward to the product development stage is crucial and will reduce the risk of a bad investment.
Until now, companies have had to trade-off the benefit of speed vs. rigor at this vital screening stage, but eValuateNow on ZappiStore means you can get the best of both worlds. In as little as 24 hours you can screen and prioritize your innovation ideas with Kantar TNS metrics, proven through extensive R&D, to predict in-market success.
Making the right decisions at the early screening stage will drive both speed and efficiency through your innovation process. Knowing you can fast-track investment behind the ideas that have the strongest growth potential gives you a better chance of meeting the expectations of your CEO, in terms of both growth and speed to market.