Discover the five phases of innovation

- In a survey from Boston Consulting Group, … 79% of executives ranked innovation … as a top three priority for their company. … And yet, research suggests that most professionals … are unclear about how to bring an innovative idea … from concept to market. … After 20 years in the innovation space, … I've found that the process can be distilled … into five distinct phases. … The first is idea development. … This is when raw ideas are gathered from sources … like brainstorms, customer feedback, … and employee submission portals. … Next is the concept development phase. … Here is where you or your innovation team roughly expand … the most promising raw ideas into concepts. … A quick head's up here, rough expansion of a concept means … that five minutes is too little time … but five hours is too much. … During this phase, you'll determine which ideas … are aligned with your business strategy … and you'll apply any other criteria … that your org uses to screen ideas. … The focus of your third phase now is business development. …