This is a Venn diagram with four overlapping circles representing different considerations in the innovation process:
- Technologically feasible
- Within strategic capabilities
- Financially worthwhile
- Fulfills customer needs and provides value
The overlap of these considerations represents an ideal innovation space where new ideas should be developed.
- The first step is to start with a strategic question.
- Define boundaries within which to look for opportunity.
- Match the company’s capability and interests with opportunities.
- Focus on understanding what the customer needs/wants.
- Without truly understanding customer needs, there is no business.
- Clearly defined needs provide perfect foil for inventors.
- Discover new ways that could radically change how customers’ needs are met.
- Goes beyond product/service and encompassess all aspects of new user experience.
- Focus on most complelling customer needs
- Identify most novel ways for satisfying them.
- Test in real project and realistic settings.
- Refine the value proposition.