Innovation Management ? Selecting Good Ideas

Home
>
Business Management
>
Innovation Management ? Selecting Good Ideas

Innovation Management ? Selecting Good Ideas

Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation. There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.

A number of idea selection methods can be used. For a comprehensive evaluation, it is advisable to use all methods. Considering the costs of Research and Development and the added cost of re-engineering products when flaws are discovered, it pays to conduct in-depth valuation before large investments in that idea are given a GO status.

Some of the idea selection methods include:

a) Comparing the type of idea with those types of ideas that have previously been most successful.

b) Judging whether the idea fits well with the firm.

c) Analysing the likely practical impediments that may prevent successful commercialisation.

d) Knowing how and when the GO or KILL decisions will be made when an idea is in the idea funnel.

e) Knowing how the consumer will benefit.

Additionally, there are benefits to failure. Whilst an idea may be judged as being commercially unsuccessful, the firm, team or individual may learn valuable competencies that will increase the chances of the next product being successful. Ridley Scott had limited commercial success with Blade Runner, but went on to make some of the most lucrative movies ever.

These topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) from http://www.managing-creativity.com.

You can also receive a regular, free newsletter by entering your email address at this site.

Kal Bishop, MBA

**********************************

You are free to reproduce this article as long as no changes are made and the author's name and site URL are retained.

Kal Bishop is a management consultant based in London, UK. He has consulted in the visual media and software industries and for clients such as Toshiba and Transport for London. He has led Improv, creativity and innovation workshops, exhibited artwork in San Francisco, Los Angeles and London and written a number of screenplays. He is a passionate traveller. He can be reached on http://www.managing-creativity.com.

In The News:

Yahoo! News: Top Stories

Israeli government says Gaza offensive to continue (AP)

AP - Israel's government says it will press ahead with its military offensive in the Gaza Strip despite a U.N. Security Council resolution calling for a cease-fire.

Illinois House on verge of impeaching Blagojevich (AP)

AP - Gov. Rod Blagojevich faces almost certain impeachment by the Illinois House, a historic step that would trigger a trial to determine whether the Democratic governor should be tossed out of office.

Rifts show as Obama urges quick action on stimulus (AP)

AP - Lawmakers are under orders to finish action on President-elect Barack Obama's nearly $800 billion economic recovery plan by mid-February. But already it is plain that a set of serious fissures need to be bridged if the bill is to be completed within five weeks.

Democrats begin new session with labor bills (AP)

AP - Democrats are ushering in what they believe will be a new labor-friendly era in Washington with House votes on two bills aimed at helping women fight pay discrimination in the workplace.

Job losses stack up as recession deepens (AP)

AP - Trying to survive a deepening recession, employers are cutting their work forces to the bone, leaving more Americans unemployed and with dim prospects of finding a new job any time soon.

Toxic coal ash piling up in ponds in 32 states (AP)

AP - Millions of tons of toxic coal ash is piling up in power plant ponds in 32 states, a practice the federal government has long recognized as a risk to human health and the environment but has left unregulated.

Obama to finalize national security team Friday (AP)

AP - President-elect Barack Obama is completing his national security team by announcing his unusual choices for CIA director and a national intelligence director who may face tough Senate confirmation questioning over how he confronted the Indonesian military when civilian massacres were occurring in East Timor.

Emphasis on smooth transition to new Cabinet (AP)

AP - Just minutes after George W. Bush took the oath of office eight years ago, he signed papers formally nominating 13 Cabinet-level officials. Several hours later, the Senate, meeting in a special Saturday session, confirmed seven Cabinet secretaries, including the heads of the key posts at State, Treasury and Defense.

Mini Dynasty: Gators beat Sooners for BCS title (AP)

AP - Tim Tebow enjoyed the battering-ram runs. He liked the old-school jump pass. Drawing a rare penalty, that really made Tebow's day. With No. 1 Florida about to finish off No. 2 Oklahoma 24-14 for the BCS championship Thursday night, Tebow was flagged for unsportsmanlike conduct.

Critics' final answer: `Slumdog' wins 5 awards (AP)

AP - The critics have spoken, and "Slumdog Millionaire" is their final answer.

World waits on jobs data as recession weighs (Reuters)

Reuters - Steep falls in European industrial output underlined the severity of the world economic crisis on Friday and more grim news was on the way with the United States expected to report the biggest monthly job cuts in more than 30 years.

U.N. calls for immediate Gaza truce (Reuters)

Reuters - Israel pushed ahead with its two-week-old offensive in the Gaza Strip on Friday, defying a U.N. Security Council resolution calling for an immediate ceasefire.

Panel steps up criticism of Treasury: report (Reuters)

Reuters - A report being released on Friday alleges that the U.S. Treasury has failed to reveal its strategy for stabilizing the financial system, not answered questions asked by a government watchdog, and has done nothing to help struggling homeowners, the Wall Street Journal said.

EU seeks gas supply return after deal (Reuters)

Reuters - Europe sought a swift restoration of gas supplies on Friday after striking a deal with Moscow on monitoring gas shipments via Ukraine that have been halted by a pricing dispute with Kiev.

Citi backs measure to help avoid foreclosures (Reuters)

Reuters - Financial giant Citigroup Inc will support a proposal in Congress to rewrite U.S. bankruptcy law to help troubled mortgage borrowers avoid foreclosure, Chief Executive Vikram Pandit said on Thursday.

Illinois panel recommends governor's impeachment (Reuters)

Reuters - A legislative committee on Thursday recommended the impeachment of Illinois Gov. Rod Blagojevich, citing widespread abuse of power including allegations he tried to sell the U.S. Senate seat vacated by President-elect Barack Obama.

Obama team amending financial rescue package: report (Reuters)

Reuters - President-elect Barack Obama's economic team is urgently overhauling the $700 billion financial rescue package to broaden its scope beyond Wall Street, The Washington Post reported on Friday.

Health care overhaul needn't break bank: study (Reuters)

Reuters - An analysis of proposals to overhaul U.S. health care by President-elect Barack Obama and members of Congress suggests it is possible to insure all Americans without significantly raising total health spending.

Israel and Hamas battle on after UN ceasefire demand (AFP)

AFP - Israel and Hamas launched heavy air strikes and rocket attacks on each other Friday, ignoring a UN Security Council order on the warring rivals to end their conflict.

EU demands immediate resumption of gas supplies (AFP)

AFP - The European Union demanded Friday that Russian gas supplies to Europe resume immediately now that details of a mission to monitor the flow through Ukrainian pipelines have been agreed.

Innovation Management ? Selecting Good Ideas

Business Management Business Management