From the course: Balancing Innovation and Risk
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Discover the five phases of innovation
From the course: Balancing Innovation and Risk
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.…
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