High Value Strategic Idea and Concept Development
Most companies have lots of ideas, but not necessarily the right ones according to research:
- 74% of innovation ideas do not support business strategies1, and
- 79% of companies have too few high value ideas.2
- Functional and geographical silos make it hard to work outside of these boundaries, but experience shows that some of the best ideas occur when people can collaborate across these boundaries.
- The front end of innovation is disorganized and chaotic because companies don’t have consistent processes that facilitate their idea generation efforts. In many cases processes still reflect the old idea ‘suggestion box’ approach.
- There is no way to link and connect related ideas to create synergistic, better-quality ideas. You need more than the default ad-hoc ’water cooler‘ exchanges and discussions.
- Ideas are collected that have little to no relationship to the real strategic needs of the company. You need to connect innovation idea generation programs to strategic business objectives and planning gaps.
- Many companies report great success in generating volumes of ideas but once they collect them they have nowhere to go….so they die, no action is taken and, what’s worse, when employees realize this, they stop contributing.
Successful idea and concept development requires integration with the entire innovation and new product development (NPD) lifecycle, not some stand-alone innovation idea generation process.
- A strong emphasis on collaboration via communities. Good ideas emerge from discussions amongst peers, teams, and other communities-of-interest.
- Consistent and flexible workflows that focus on building and improving ideas. New ideas must be enhanced and ‘grown’ to develop quality and potential value.
- The means to automatically connect similar ideas to enable discovery, synergy and further development. Two ideas on their own may be of low value, but when combined they may have great value.
Use the following resources to learn more about idea and concept development:
1 CGT/Sopheon Survey
2 Product Development Institute