|
Author: Kal Bishop Article source: http://www.kabish.com/. Used with author's permission.
The relative ease of i) generating good ideas and ii) lack of resources means that there are usually more good ideas available than can be successfully innovated. As a result, it is often the case that ideas must be evaluated for risk and reward in order to select those that are most likely to succeed.
Part 2 of Good Ideas - Creativity and Innovation Management - will briefly discuss the concept of fit. An idea may be a good one, but does the person or firm that generated it have the ability to successfully bring it to market?
To provide a simple measurement and relative value of ideas, the following three criteria can be rated (or further analysed and rated):
a) Strategic fit. Katz et al (2003) argue that an idea must fall in line with the organization's strategy. If Hewlett Packard (for example) were to suddenly attempt to develop soundless Velcro, non-fossil fuel cars or a sonic screwdriver, the chances increase that innovation of those products would conflict with their existing strategy and divert resources, thus increasing the risk for all product lines. Stick to the knitting is a common expression, though diversification can bring benefits.
b) Does the firm have the technical expertise to make it work? If HP were to take up non-fossil fuel cars, then that would involve significantly different technical competencies than they already have in-house. Whole teams with different skill sets and experiences would have to be brought in.
c) Do the business competencies exist? These include competencies in marketing, new product development, the ability to manage widely scattered employees and facilities etc. Does the big idea justify the expense?
In conclusion, a multitude of criteria must be considered and evaluated for risk and reward before big budgets are spent bringing the product to market.
This topic is 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.
Ensuring Your Hotel Has a Swimming Pool Available
You relax and lie down in the sun next to the hotel swimming pool. You open that book you have been dying to read for the past six months. You sigh deeply in sa...
Fornication
The power dynamic of sex is still seriously confused.
Reading-The Best 15 minutes Youll Ever Invest
I recently was made aware of two comparative statistics that I thought you might find extremely valuable. I learned that the average American reads less than 2...
Am I Meant to Mentor? Five Attributes of Best-in-Class Mentors
Being a best-in-class mentor can yield profound benefits for both the mentoree and the mentor. When this works well, the mentoree is able to effectively levera...
The Hidden Cost of Cold Calling
Explains why cold calling costs companies dearly in the long run by repelling
talented, top-producing salespeople. Cold calling is the number one cause of hig...
Walking: A Key to Weight Loss
We walk everyday. Sometimes we go for long walks with our loved ones. But how often do we realize the real significance of a Good Walk. Thirty minutes of quick ...
The 10 Success Basics For Your Online Business
It's always a good time to review what's been working or not working for you in your marketing efforts. Take the time to be honest with yourself about whether o...
How to Say No and Let Go of Stress
Do you have trouble saying no when you should? Do you sometimes say no when you shouldn't? You're not alone. You're also not really in charge of your own life, ...
Mortgage Glossary of Terms
A short list of the most common mortgage related terms...
So You Want to Sell Your Timeshare
You are the owner of a timeshare and have decided the time has come to part ways. You may be interested in another timeshare or have decided a timeshare isn't ...
History of Charm Bracelets
The origin of charms and charm bracelets and modern trends relating to this jewelry...
Disability Discrimination Act (DDA) & Web Accessibility
Find out about the UK legal requirements for websites under the Disability Discrimination Act (DDA).
Dont Let Rattlesnakes Scare You
Article discusses how we can blow fears unnecessarily out of proportion, such as the common fear of cold calling.
Your Old Self Will Not Go Quietly
Have ever tried to change yourself? Did you have any luck at it? What was the biggest obsticle? What do we do when are old self shows up, run and hide or face i...
WARNING - Do Not Take The Mark Of The Beast
God Himself says in Revelations that none of His people are to receive this mark of the beast. If they do, they will end up coming under His wrath that will be ...
Follow-Up - The Key To Successful Closings
If everyone always did everything they said they'd do, we'd all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped. If you want...
Wrinkle Free Skin Care
Too much wrinkle to handle?
How I Raised My Credit Score 40 Points in 24hrs AND Saved $658 a Month in Interest!
Learn the importance of raising your credit scores and how it can dramatically affect home buying power.
Selling Your Home – Be Sure It Shows Well
Whether you are selling a house, townhouse, condo or apartment, there are universal tips that will help it sell. Primary among those tips are making sure your h...
Want a Sticky Site That Sells? Forget Content!
An interesting debate is currently raging among copywriters, web designers and content developers about the differences, if any, between writing copy for the we...
The Top Twelve Threats No Computer User Should Ignore
The internet is undoubtedly a fantastic resource for families and offers a rich vein of educational content.
Acknowledging Emotions and Feelings
We'll begin with a question:
Is It Legal? - Indecent Naming With Tradition
When Mitsubishi launched a new car with the name "Pajero" on the Spanish market, it became obvious very soon that the name chosen was not optimal because it imm...
The Key To Successful Weight Loss - Balancing Blood Sugar Levels
Forget about diets. For successful long term weight management keeping blood sugar levels in balance is critical. Plan your meals around foods with a low glyce...
|
Print this page