Creativity and Innovation Management - Good Ideas Part 2

The relative ease of i) generating good ideas and ii) lack of resources means that there are usually more good ideas available than can be successfully innovated. As a result, it is often the case that ideas must be evaluated for risk and reward in order to select those that are most likely to succeed.

Part 2 of Good Ideas ? Creativity and Innovation Management - will briefly discuss the concept of fit. An idea may be a good one, but does the person or firm that generated it have the ability to successfully bring it to market?

To provide a simple measurement and relative value of ideas, the following three criteria can be rated (or further analysed and rated):

a) Strategic fit. Katz et al (2003) argue that an idea must fall in line with the organization's strategy. If Hewlett Packard (for example) were to suddenly attempt to develop soundless Velcro, non-fossil fuel cars or a sonic screwdriver, the chances increase that innovation of those products would conflict with their existing strategy and divert resources, thus increasing the risk for all product lines. Stick to the knitting is a common expression, though diversification can bring benefits.

b) Does the firm have the technical expertise to make it work? If HP were to take up non-fossil fuel cars, then that would involve significantly different technical competencies than they already have in-house. Whole teams with different skill sets and experiences would have to be brought in.

c) Do the business competencies exist? These include competencies in marketing, new product development, the ability to manage widely scattered employees and facilities etc. Does the big idea justify the expense?

In conclusion, a multitude of criteria must be considered and evaluated for risk and reward before big budgets are spent bringing the product to market.

This topic is covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) from http://www.managing-creativity.com. You can also receive a regular, free newsletter by entering your email address at this site.

Kal Bishop, MBA

**********************************

You are free to reproduce this article as long as no changes are made and the author's name and site URL are retained.

Kal Bishop is a management consultant based in London, UK. He has consulted in the visual media and software industries and for clients such as Toshiba and Transport for London. He has led Improv, creativity and innovation workshops, exhibited artwork in San Francisco, Los Angeles and London and written a number of screenplays. He is a passionate traveller. He can be reached on http://www.managing-creativity.com.

In The News:


pen paper and inkwell


cat break through


Fire Evacuation Drill with a Difference

I had been given the task to organize a fire... Read More

How to Turn Nothing Into Something

Excerpted from the Jim Rohn Weekend Seminar-Excelling in the New... Read More

Perfectionism - The Dangerous Trap!

Just when I have something figured out, along comes another... Read More

A Time for Rebellion!

When is it right for you to rebel against the... Read More

Creativity and Innovation Management ? Joy and Sustainability

Creativity can be defined as problem identification and idea generation... Read More

I Just Want to be Free - I Just Want to be Me!

It was a sunny Saturday in April 2003 in Myrtle... Read More

Solve Problems With A Word List

To creatively solve problems you need to get your mind... Read More

Innovation Problems and The flow of Thought

The most progressive Think Tanks, Brain Trusts, research facilities in... Read More

Techno Witch II - Magick With Your PC

You've heard of applied science, well how about applied Magick.... Read More

Innovation Management ? The Harsh Facts Of Life For All Innovators

Creativity can be defined as problem identification and idea generation... Read More

Do You Need A Business Plan If Your Idea Is New, Untested, or Unproven?

Who Should Read This Article?Anyone nursing a new (especially untested... Read More

Innovation and Competitive Advantage

Creativity can be defined as problem identification and idea generation... Read More

Make Ideas Your (& Their) Own: Persuade Yourself and Others

Have you ever watched a TV program where the supporting... Read More

Innovation Makes Leaders

Basically what innovation does is making your business unique and... Read More

Business Innovation ? Blocking: Saying YES or NO

Creativity can be defined as problem identification and idea generation... Read More

Innovation Management ? Capturing Ideas

Creativity can be defined as problem identification and idea generation... Read More

Innovation Management ? 5 Ideas An Hour

Creativity can be defined as problem identification and idea generation... Read More

Opportunity: Could You Be Colour-blind?

Do you consider your vision perfect? You may never have... Read More

Let the Seeds Grow

The thought that every great thing that has ever happened,... Read More

What is NLP?

NLP Explained.....NLP is the study of how people organise their... Read More

Howd They Do That?

"How'd they do that?" I asked myself time and time... Read More

Its A Quantum Thing

We don't need to understand quantum physics entirely in order... Read More

Mother Of Invention Or Dummy? You Decide!

What would you say to yourself if when faced with... Read More

Is Mans Next Step Like A Can of Potted Meat?

Is it the dawning of the Age of Aquarius? For... Read More

Create An Idea Journal

When I first heard Jim Rohn talk about the importance... Read More

Great Ideas and Radical or Disruptive Innovation

Creativity can be defined as problem identification and idea generation... Read More

Discover the Secret to Success in Your Own Back Yard

Yesterday, I went above and beyond the call of duty... Read More

Owning Your Power

Owning your power, your power to be real, to be... Read More

All Fortunes Begin With an Idea!

A new idea is merely the combination of two or... Read More

What to Do When You Are Chased by a Snake

I lived for several years on the Japanese island of... Read More

Discontinuous Innovation

Creativity can be defined as problem identification and idea generation... Read More

Innovation Management ? Developing Ideas Within A Framework

Creativity can be defined as problem identification and idea generation... Read More

Business Innovation ? the Best Ideas

Creativity can be defined as problem identification and idea generation... Read More