The Innovation Process
The purpose of the innovation process is capturing ideas, determine their relevance, eliminate most of them and transform those who survive into successful products or services.
It may seem shocking that one of the goals of the process is to eliminate most of the ideas, but the ultimate goal of innovation is to create value.
The whole process can ultimately be compared to a funnel: The mouth is very wide and it is essential to accommodate a lot of ideas, but many will be eliminated along the way.
The simplified model can be represented as follows:
At each stage, the ideas will be submitted to several models. Once the idea is declared 'viable', it will be detailed in multiple areas: financial, risks / returns, resources needed, task planning, description of deliverables, etc.
An evaluation of the set of parameters will be performed each time the idea is ready to go to the next step using a stage/gate methodology (illustrated by a padlock in the diagram above) and the decision will be made to continue or abandon the project. Only a small fraction of the initial ideas will reach the last gate.
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