What defines an innovative idea? It might be a disruptive idea that changes the rules of the game, or it might be an idea that can be implemented very easily and yields the highest return in the shortest possible time. Unfortunately, both definitions can, at times, exclude each other, or any others. But if they don’t, the impossible becomes possible.
An increasing number of organizations are encouraging internal idea-generation processes that are like seeds for innovation. However, they do not always have the right mechanisms for evaluation that can separate the grain from the chaff, and detect ideas that are truly innovative.
What are the characteristics that define an innovative idea?
The following is a review of some of the aspects that give ideas the potential to be innovative:
- They solve a real problem that has been contrasted. This starting premise may seem obvious, but isn’t, given that almost 80% of products developed around the world have failed one year after their launch, because they do not solve an existing need.
- They are distinctive, and therefore have a space in the market; or may even be able to create a new one. That is the case for innovative ideas that can change the rules of the game and get traditional players in their sector against the ropes, as was the case with Uber or Airbnb.
- Or complementary. There may be products or alternatives that already cover a need, but an innovative idea might bring added value in that segment.
- They take into account their development costs, and the resources required for their implementation. As a result, there is less risk in relation to the idea’s feasibility, since calculating costs allows brands to set a starting price that they know consumers are (or are not) prepared to pay.
- They can be developed swiftly, which speeds up their arrival and impact on the market.
- They maximize returns: they provide maximum benefits vs minimal costs for development, manufacture and/or distribution.
- They have space for development or a margin for maturity or iteration. They can be iterated and contribute value throughout a longer cycle, making them “living ideas”.
- They are easy to test, allowing brands to foresee their potential ability to impact without investing many resources or time.
- They transcend the product or service, putting forward an exceptional, differential user experience that, in itself, justifies the product or service.
Our innovation management software allows you to promote ideas competitions for employees or other stakeholders related to the organization.
It also allows you to configure the necessary mechanisms to evaluate and detect ideas that are truly innovative, for their development and their delivery to market.
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