- Set the project up with clear (and ambitious) business objectives, clarify what is in and out of scope, prepare a robust programme plan, and involve the right people. For more information on how to scope an innovation-growth project, click here to see our blog.
- Applying a competences fit during project scoping will help focus your effort on market/application areas where there is a natural fit with your business
- Before starting the project, identify a set of key strategic, market, customer, commercial and technical questions the project is seeking to answer, to avoid ‘exploring without a map’
- Design a suitable process (and timescales) in proportion to the size and complexity of the market areas (e.g. planning a significant market research programme vs rapid learning from customers)
- Complement top down strategic analysis with bottom up ideas for technology / products – both are needed to deliver opportunities that are both large and substantial
- Resource the project properly – don’t force fit available staff or assume specialist innovation skills
- Look outside your R&D labs; engage the help of subject-matter experts and initiate meetings with companies to learn about the market. Gain richer insight by talking with people across the supply chain
- Don’t assume that your future position in a value chain will be the same as your current position. Challenge yourself on what higher value roles can be targeted
- In addition to NPD innovation, consider service and business model innovation to enrich opportunities
- Last but not least, put structures in place to promote cross-group participation in the project.
For more information on how to achieve business growth through innovation, see our ebook Innovation Unplugged which is available now, click here for more information.
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