Only when the product or service is actually accepted by customers can it be called an innovation. In innovation management, you should therefore plan for a successful market launch in the various phases of the innovation process. This is the only way for an invention to become an innovation.
What is the difference between an invention and an innovation? Inventions are new ideas or solutions that bring improvement or innovation to a particular field. Innovations, on the other hand, are the implementation of these ideas in practice and the successful marketing of the new products or services.
How can you promote the market success of an invention?
Without inventions, there would be no innovations. Inventions are the starting point for any innovation because they have the potential to solve a problem or fill a gap in the market. They are the driver of economic growth and progress.
A successful invention requires:
thorough research and development.
robust planning from idea to market launch.
a clear objective that builds on the organization's innovation strategy.
It is important to know the market and the target group in order to develop a suitable solution for their needs. In addition, you should find out about possible competitors and patents. Cooperation with experts and investors can also help to increase the chances of success.
How can innovation management increase the chances of successfully bringing an invention to market?
Successful innovation management requires not only creative idea development, but also strategic thinking and effective planning and implementation in the later stages of the innovation process. This is the only way to ensure that innovation objectives are met and market success is achieved.
What are innovation objectives? Innovation objectives are goals that companies strive to achieve in order to develop new and creative products or services and bring them to market. A key aspect of defining innovation objectives is to have a clear idea of what needs the target group wants the new product to meet. This is the only way to ensure that the new offering is successfully placed on the market and meets customer needs. Achieving these innovation goals often requires going through complex processes – from brainstorming and market research to delivering the product or service itself. It is therefore important that companies clearly formulate and regularly adapt their innovation strategy in order to remain competitive. Because only those who remain innovative can enjoy long-term success in a rapidly changing business environment.
A successful market launch of an invention depends on various factors. We have 10 tips for a successful market launch.
These 10 steps will help you ensure the success of your project
To increase the chances that an invention will become an innovation, you can take various measures:
Market research: Analyze the market and technology potential in the early stages of your process to understand the demand, market, competition, and relevant developments for the invention. In this way, suitability for and potential routes to the market can be determined.
Protection of intellectual property: Secure intellectual property rights through patents, trademarks, copyrights, or trade secrets, depending on the nature of the invention. Intellectual property protection can provide a competitive advantage and prevent others from copying or exploiting the invention.
Prototypes and testing: Develop a prototype or minimum viable product (MVP) to demonstrate the functionality and potential of the invention. Test it extensively to gather feedback, validate assumptions, identify improvements, and ensure it meets desired requirements and market expectations.
Developing a business model: Create a robust business model around the invention (especially if you want to do new business development). Define the target market, value proposition, revenue streams, sales channels, and customer acquisition strategy. Develop a compelling business case that demonstrates the market viability and profitability of the invention.
Strategic partnerships and cooperation: Seek strategic partnerships that can contribute resources, expertise, or market access to accelerate the innovation process. Cooperation can provide valuable support and help close gaps in knowledge, expertise, or funding.
Financing and investment: Secure appropriate funding or investment to advance the development and marketing of the invention. Explore various funding options such as grants, venture capital, crowdfunding, or government programs.
Agile development and iteration: Employ an agile development approach that enables iterative improvements and refinements based on feedback from future users and market insights. Continually adapt and refine the invention to meet the evolving needs of potential customers and stay one step ahead of the competition.
Marketing and advertising: Devise a comprehensive strategy for the marketing of your innovation to get the word out and generate interest. Use a variety of marketing channels, including online platforms, social media, industry events, and partnerships to reach the target groups.
User acceptance and feedback: Actively engage with the first users and customers to gather feedback, understand their needs, and improve the innovation accordingly. Incorporate user feedback into product improvements, updates, and new features to increase acceptance of and satisfaction from your development.
Continuous improvement and scalability: Internalize a mindset of continuous improvement and scalability, even after a successful launch. Continually look for ways to improve the innovation, expand its functionality, and open up new markets or applications. Plan for scalability to ensure the innovation can grow and adapt to increasing demand and market dynamics.
Successful innovation management: creative ideas alone are not enough
Innovation is an important factor in a company's success, but it requires more than just creative ideas. Successful innovation management requires strategic thinking and effective planning and implementation in all stages of the process. This is the only way to ensure that innovation objectives are met and market success is achieved. So, if you want to bring an invention to market, you need to have a clear objective right from the start and always keep its successful market launch in mind. If you want to keep risks and costs low when working on your next innovation, the Innovation Studio could be a purposeful approach.
It's high time you bear in mind that market launch right from the beginning and ensure that innovation objectives are met. The best way to get started is to consider your future market launch at every stage of your innovation process.