“We’re just very close to the timeframe where technical risk was the biggest thing in the world. It was like, ‘Can we build it?’ was a real question. R&D was all about, ‘Hey, can we go build this thing? Can we do something that’s revolutionary,” asked Brant Cooper (@brantcooper), CEO of Moves the Needle, in our conversation at the 2018 IRI Annual Conference in Atlanta.
Stop validating potential innovations on technical merit. If you’re going to innovate, you need to first show there’s a market, explained Cooper.
Determining whether there’s a market for a product idea will require a lot more investigation than just asking customers, “What do you want?” As Cooper pointed out, “customers are horrible at predicting their own future.” Instead, delve into their desire and needs and then concept out a solution. Design first, but don’t actually make a product.
One of the most popular and potentially overused techniques to validate a product is to pretend it’s already been created and start marketing it. The response to the advertising of the product, and the requests for orders, should be enough to show the C-suite that demand exists and your company should start investing.
Spark Media Solutions
Innovation thrives on the unimpeded exchange of ideas, talent and capital. We have built a trusted global network with an incentive system that shares upside among all participants. Xinova has developed this structure in its global innovation market network with innovators, technologies, investors and startups in over 120 countries with world-class capabilities in finding, assessing, licensing, and developing international technologies. By aligning talent, technology, capital and demand through the first-of-its-kind innovation market network, which utilizes machine learning, distributed computing and modern technology platforms, Xinova connects global innovation supply to project demand for global customers such as PepsiCo, Funai, and an array of small companies and governments around the world.
Xinova accelerates innovation end-to-end. With unique digital tools and unprecedented business intelligence, we are automating the process of innovation, de-risking and unblocking it to drive growth at all points of the innovation lifecycle. We’ve created networks supporting each pillar of innovation, complete with tools and proprietary organizational structures essential to a distributed model. The end result aligns and connects:
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