8 Prerequisites for Turning Any Innovation Into a Business Success

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.

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.

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.

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.

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.

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.