David Matheson, President and CEO of SmartOrg, was recently joined by Arpit Dwivedi of 3M, Jeff Pierce from Pitney Bowes, Aleksandro Grabulov from Philips and Rich Duncombe formerly of HP and now with ICS, in a session titled Connecting Innovation with Finance to Drive Profitable Growth at the Back End of Innovation Conference in Las Vegas. The panel discussed the role of innovation in business, and how businesses must approach it in order to remain relevant in the market, produce viable products, and be lucrative in the endeavor. In this month’s ValuePoint, we review the role of innovation and the basic questions that must be answered by any business in order to successfully move forward.
- Will there be customers for this innovation–what is the market? Does anybody care? What is the point of going to market with an idea if it lacks unique qualities from your competitors, is over the heads of your customers, or simply isn’t relevant to them?
- What is the strategic and economic value? Should you move forward with an idea? What is it going to cost to take an idea from inception to execution? How many man hours, how many materials, how much equipment? Will the potential for profit outweigh the cost of production?
- What is the technology or product solution? Can your company make it happen? Does your company already have the resources necessary to create this new product? Will it require an acquisition? Is it financially feasible to do so?