Innovation Planning And Design Process

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Innovation Planning and Design Process Justyn Merlo MGT/411 7/24/15 Innovation Planning and Design Process Innovation starts with an idea in mind that creates new technology, processes, and products. In order to bring that idea to fruition, a company needs to understand what it takes to innovate and how take that idea and make it into a reality. “A well-defined innovation process will encompass an entire "end to end" innovation capability, including these phases: • Trend spotting and scenario planning • Gathering customer needs and market insights • Generating ideas using the scenarios and needs as guideposts • Evaluating, prioritizing, and selecting ideas for further development • Prototyping and piloting…show more content…
If their current model is a success, it can be a much harder task to change for an even better business model. • Funding: Funding is a necessity, however a massive amount of funding can have a negative impact on the company, but by having a smaller more reasonable amount of funding can force innovators to plan their ideas out further ahead and choose more carefully before going forward. • Top management vision: This is where management takes the options in front of them and then will decide what route the company is going to take and then they will also choose which innovation strategy will suite the company the best. While the external factors of designing innovation strategies include: • Capabilities in the external network: Having reliable alliances with outside companies can help in forward movement with advancements in new technologies. • Industry structure: specific analysis of the industry can prove where the obstacles and the opportunities for innovation are. Understanding the barriers within the industry will show what is important in the innovation strategy. • Competition: The competition of a company’s speed of innovation is what shapes the market today and in the future. A company must retain the ability to innovate as fast if not faster and as good as the competitor, new and old. New competitors can
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