8 Prerequisites for Turning Any Innovation Into a Business Success - Deepstash
8 Prerequisites for Turning Any Innovation Into a Business Success

8 Prerequisites for Turning Any Innovation Into a Business Success

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1. Every innovation must solve a customer problem.

1. Every innovation must solve a customer problem.

A key attribute of every innovation transformed into a successful business is that it must provide a solution to a real problem that potential customers are willing and able to pay money to acquire. Beware of solutions that are merely nice to have, or available alternatives that are cheaper, better known, or easier to use.

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2. A great innovation starts with at least three ideas.

2. A great innovation starts with at least three ideas.

I find that many entrepreneurs are so blinded by their initial idea, they fail to evaluate alternatives. I recommend that you always use brainstorming, or expert feedback, to define similar approaches and markets, before proceeding to produce and sell a solution that may be expensive to change later.

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3. Be a dreamer first, but a realist on marketplace risk.

3. Be a dreamer first, but a realist on marketplace risk.

One of the best ways to assess development risk is to build and test a prototype, or minimum viable product . What looks good in your head may have unforeseen challenges in cost, reliability, and usability in the marketplace. Investors expect this step to be proven successful before funding.

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4. Test your innovation with at least a hundred customers.

4. Test your innovation with at least a hundred customers.

Believe it or not, customers are not all like you. I have found, for example, that early adopters love innovation and new features, while mass market customers enjoy simplicity and usability. Don't be hesitant to use focus groups, crowd funding, and personal interviews to quantify interest.

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5. Be ready to pivot at any point in the process.

5. Be ready to pivot at any point in the process.

Every successful business owner you know will tell you that their plan has changed or pivoted from the original. Primary reasons include unanticipated customer reactions, early competitors, financials not meeting projections, and channel partner issues. Plan for change before the first crisis.

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6. Write down your business model and five-year plan.

6. Write down your business model and five-year plan.

I believe that writing down your business plan has tremendous value for you, even if you don't need investors. Generating a written plan will force you to think through all the key elements for success, including market definition, solution features, financials, real competition, and marketing.

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7. Take the steps needed to improve your success odds.

7. Take the steps needed to improve your success odds.

You can improve your odds by reducing risks. Certainly, some risks are uncontrollable, such as the recent Covid-19 pandemic, but others are manageable. For example, you must secure adequate funding for operations, hire good people for operations, and manage your reputation and service.

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8. Maintain communication and trust with constituents.

8. Maintain communication and trust with constituents.

This starts with building a positive and persuasive pitch deck for investors and team members, and updating your team on a weekly basis with progress and next steps. It also means building trust and credibility through visibility, feedback, and really listening to your team and customers.

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benzherlambang

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Ideas and innovations are big thing, but making it into a business is another story.

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