Innovation process

An innovation process can be defined as a system created to generate innovative ideas. Just like a production line in a factory, that takes the raw material and transforms it into a product, an innovation process takes opportunities and transforms them into innovative ideas which reach fruitful execution.

With each company having its very own culture and ways of working, the best innovation processes methods are those customized to fit. However, most will have at least the following stages:

Stage 1 – Look out for opportunities, that is to say chances or problems to be solved regardless of whether they come from inside or outside the company.

Stage 2 – Design solutions which provide an experience that captivates customers and then design a business model to deliver them in a way that satisfies their needs.

Stage 3 – Test and learn which of the assumptions on which your innovation is based on are incorrect, then redesign your solution.

Stage 4 – Scale your solution to reach wider markets.

Following a similar ‘innovation product line’ and outlying it formally will ensure your company does not fail to seize passing opportunities and generate new ones.