How innovations fit into your company’s plans for growth.
“Ideas are no more than dreams if no one acts on them.”
“If ideas were nickels, there would be a lot more wealthy people on the planet.”
With all that needs to be done over the course of a day, many business leaders are faced with either leaving ideas in the hopper or launching half-baked ideas and justifying it by “doing something.” Both are a recipe for failure. Just imagine if the businesses you depend on did this? Big Pharma spends millions of dollars to bring a new product to market. What if they got it only half-right?
Getting your idea from the drawing board to the marketplace The idea person says, “Hey, it would be pretty cool if we could fix this problem” but stops at the point of talking about it. The inventor says, “I can make something that will solve this problem” but stops short of figuring out how to bring it to market. The innovator says “This is how we can solve this opportunity, which provides a value for a market that is in excess of the cost to solve the problem,” and does it. (With the right messaging, positioning and sales, the investors say, “I get it. Let me throw some money at it to make it happen faster!”)
Cut to the chase: Half-baked ideas have no business in the business world. If it isn’t designed to be profitable, it is probably a waste of time. This doesn’t imply that you will have all of the answers all of the time, but King Solomon probably said it best, “Who builds a tower without calculating the cost?”
I have heard people say a number of times, “any movement is better than no movement at all.” While this may have merit, if the movement is backwards, is it really worth it? If this new venture is going to hurt your brand, is it worth it? On the upside, you will probably have a better understanding of how not to do something! But if the concept was better thought out to begin with, perhaps some of the pain could have been avoided? The way that we work around “stepping in it” is to think through your idea or innovation and figure out how to work.