Innovation Management ? Selecting Good Ideas

Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation. There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.

A number of idea selection methods can be used. For a comprehensive evaluation, it is advisable to use all methods. Considering the costs of Research and Development and the added cost of re-engineering products when flaws are discovered, it pays to conduct in-depth valuation before large investments in that idea are given a GO status.

Some of the idea selection methods include:

a) Comparing the type of idea with those types of ideas that have previously been most successful.

b) Judging whether the idea fits well with the firm.

c) Analysing the likely practical impediments that may prevent successful commercialisation.

d) Knowing how and when the GO or KILL decisions will be made when an idea is in the idea funnel.

e) Knowing how the consumer will benefit.

Additionally, there are benefits to failure. Whilst an idea may be judged as being commercially unsuccessful, the firm, team or individual may learn valuable competencies that will increase the chances of the next product being successful. Ridley Scott had limited commercial success with Blade Runner, but went on to make some of the most lucrative movies ever.

These topics are 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.

---

Make Them GLAD Youre Their Boss

Criticism has the power to do good when there is... Read More

6 Simple Steps to Dealing with Difficult Managers

The challenge of managing difficult managers can be rather daunting,... Read More

Saying One Thing, Doing Another...

This week I was asked to speak at an internal... Read More

Know the Source of Business

One of the first questions we ask a prospect or... Read More

Invite Self-Managed Staff

"Treat people as if they were what they ought to... Read More

Training Adults, Not Teaching Children

Adults are vulnerable to personal and professional embarrassment from poor... Read More

5 Questions Great Managers Ask (and they arent hard!)

However hard we try, we seem to make life more... Read More

How Your Feelings and Those of Your Employees Can Make The Difference

How we feel is really more important than what we... Read More

Problem Solving - Think Cleopatras Ass

Picture the scene. Anthony pops down to the guardhouse, partly... Read More

Choosing the Right Corporate Training

According to a Gallup Poll, 80 percent of employees said... Read More

Inspiring Loyalty and Contentment in Your Workforce

One of the first things I look at when I... Read More

How Managers Can Turn Failures Into Successes

Although there are real, external reasons for managerial difficulty ?... Read More

Burger on a Bun Decision Making

When approaching any decision, it's important for individuals to maintain... Read More

Boost Your Leadership Skills By Disciplining Yourself In The Way Of The Question Mark

I'm often asked to come in to organizations and give... Read More

How to Overcome Your Fear of Firing

OVERCOMING FEAR OF FIRING "It was obvious that this employee... Read More

Profits and Business Success - 5 Profit Traps to Watch Out For

The old saying 'You have to spend money to make... Read More

Balance Your Managerial Life

We have only one life, but we live in three... Read More

Ten Problem Solving Techniques

Do you ever need to find some good ideas, or... Read More

Never Punish Yourself or Others for Failures

If you want to find success in various ramifications, be... Read More

Are You Using the Right Form of Energy?

As we near the end of summer, here is a... Read More

What Every Manager Should Know About How to Become An Effective Executive

In his book, The Effective Executive, Peter Drucker pointed out... Read More

Too Much Time Treating Symptoms

A man drives down the highway each day on his... Read More

Stop Waste, Fraud and Abuse

Each year, businesses write-off six percent of revenue to waste,... Read More

Important Communication Tips For Managers

The following tips will help you communicate more effectively with... Read More

Delegation - The Basic Steps To Reducing Your Workload And Creating A Successful Team

If you have a task greater than you can handle... Read More

Delegation for Business Leaders - How Letting Go Works

A leader's role is to focus on those areas of... Read More

Time Management Tip: Stop Micro-Managing Employees

If I was a fly on the wall what would... Read More

Business Innovation ? Tacit Knowledge

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

How to Enhance Quality in Your Business

Every business must strive to provide quality products and services... Read More

Recruitment - What Youre Really, Really Looking For

Imagine that you're a sports coach and you need a... Read More

The Three-Dimensional Communication System

Human communication is always three-dimensional. No spoken or written message... Read More

The Top Three Problems IT Managers Face and How to Overcome Them

Todays business environment has changed drastically from just a few... Read More

Is Your Business Healthy?

Most business owners I work with want to grow their... Read More