The Formula For Successful Innovation

The Formula for Successful Innovation

Shed to Shop part 1

Tim Staniland

January 2011

Status: for distributionTim Staniland

© ANGLE plc 2011

SI = (i + P + M + LW) DThe Formula for Successful Innovation

Successful Innovation (SI)

SI = (i + P + M + LW) D

Source

© ANGLE plc 2011

SI = (i + P + M + LW) Di = Idea or Invention

• All innovation starts with an idea or an invention.

• It can be either

− An invention is defined as “a creation (a new device or process) resulting from study and experimentation”

− An idea is defined as “any conception existing in the mind as a result of mental understanding, awareness, or activity”.

− Whereas an invention is by definition new and original, an idea might be the use of an invention in a new setting for example or the combination of inventions.

• It must, initially at least by the inventor or conceiver, be considered to be an improvement on the current status of the situation that it addresses, in order for it to be considered an innovation.

© ANGLE plc 2011

SI = (i + P + M + LW) DP = Process

•Ideas and Inventions need to go through a process of evaluation and development.

•P encompasses both of these elements.

•The process itself needs to be considered and developed to fit the needs of the individual / organisation and the market that the innovation addresses.

© ANGLE plc 2011


•Evaluation−Does the idea/invention solve a need or satisfy/create desire?

−Is the idea/invention unique?

−Is the idea/invention practical?

−Is there sufficient demand to justify the required input to develop?

−Do you have the people and resources appropriate and available?

−What competition exists?

−What are the hurdles and barriers to success?

−What are the current and future market dynamics?

−Is the timing right?

−Is there a wow factor?

−Etc. etc.

© ANGLE plc 2011


•Development−Intellectual Property

−Manufacturing / Implementation costs

−Design for manufacture

−Design for use

−Prototype development

−Performance data gathering and analysis

−(prove why someone would want your idea/invention)

−Distribution – Physical or virtual

−Etc. etc.

© ANGLE plc 2011

SI = (i + P + M + LW) DM = Marketing

• The interaction between hard science and social science

• Understand your market

−Size and dynamics

• Understand your potential customers

−Segmentation

• Research your route to market

−How/where will your customers want to buy your innovation

• Understand why a customer would want your innovation

−Define the benefits and features

• Establish a value and potential for your innovation

−How much will customers pay, how many will you sell

• Sell,sell,sell

© ANGLE plc 2011

SI = (i + P + M + LW) DLW = Luck to the power of work

•All innovation needs some luck to come to fruition.

•Luck increases through work

−You make your own luck

−More work on the process, more connections with others, creates more opportunities for “luck” to appear.

"I find that the harder I work, the more luck I seem to have." Thomas Jefferson

"I say luck is when an opportunity comes along and you're prepared for it." Denzel Washington

© ANGLE plc 2011

SI = (i + P + M + LW) DD = Demand

D = Demand

•Demand controls the whole equation.

•0 demand = 0 return

•It is essential that your innovation is wanted by your potential customers. If they don’t buy then there is no point to the innovation

© ANGLE plc 2011

SI = (i + P + M + LW) DShed to Shop

•Is a programme developed specifically for independent inventors.

•It takes inventors through the necessary steps from the initial invention through to commercialisation, hence the Shed to Shop title.

•The programme has been developed by the innovators and serial entrepreneurs of Angle PLC with first hand knowledge of successful Innovation.

© ANGLE plc 2011

SI = (i + P + M + LW) DShed to Shop

•Angle can deliver the Shed to Shop programme on site at your location.

•Contact ….

−Tim Staniland

−[email protected]

The Formula For Successful Innovation

Business

Transcript of The Formula For Successful Innovation