5 tips to build a successful innovation

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The implementation of innovations is usually a long and complicated process. However, the profits derived from it can reward the effort. They can provide a market advantage or a significant optimization of the company's costs. We advise what can help in implementing a successful innovation and where to start creating an innovation program in the company.

Ideas for great innovation can come from a variety of sources. From the outside, i.e. from customers, business partners, or straight from market trends. Top-down - from technological standards or executive vision emerging on the market. And finally, from the inside, that is employees and their knowledge of customers and business. Each idea is worth verifying, but in practice, a small percentage of them will be really successful.

How to create a successful innovation? 5 tips

What is worth paying attention to and what can help in a good implementation of innovations?

Create a clear and transparent innovation implementation program

Without a specific innovation management program, you can only count on ... chaos. The program helps you answer key questions, set goals, and define the next steps. It does not only serve managers - it supports the focus of all company employees on priorities. Knowing the company's innovation mechanisms enhances creativity and encourages action. The program is one of the key tools to create an organizational culture that motivates people to come up with new ideas. You will find more about creating an innovation agenda in the second part of the text.

Make sure that the planned innovation will benefit the custome

If not, it is not a good investment. Currently, companies are outdoing each other not only in terms of technology but also in increasingly better adaptation to the experiences sought by the client. For an innovation to be successful, it must respond to the needs of the market - mismatch with the target group is the most common reason for the failure of product innovation.

Stand out from the competition

Even if the planned innovation is new to your company - it is not enough. It must stand out from the direct competition with at least one important feature. What will make consumers choose your new product or service? Try to make the difference significant, relevant to the client, and as long as possible.

Even when creating an innovation, think practically

As part of the selected innovation, do you have the technical possibilities to implement it and launch it on the market? The success of innovation also consists of considering the need to engage relevant business partners (trade or technology) who will support its development.

Where to find inspiration in implementing successful innovations? It is worth observing start-ups currently developing in Pune, India, recognized as a global innovation hub. The success of innovations in Pune has mainly focused on the IT, agricultural, and health technology sectors. Watching the companies developing there (e.g. Druva, AgroStar, or Faasos) is doing homework in the field of effective innovation.

Remember the legal framework

We all like to repeat that “sky is the limit”, but in practice, it may turn out that such a limit will be ... the legal framework. Before you invest your employees' time, resources for additional research, and your energy in the process of a specific innovation - make sure that no patent or law stands in the way.

How to start an innovation program

Innovation can bring a giant leap in the company's development, but it requires an investment of time, money, and employee support. Especially in the latter, a developed innovation program helps. Where should you start?

Define the need for innovation in your company - new product, process improvement, cost reduction - which of the possible profits of introducing innovations is your priority? Setting goals is essential to creating a program. It also helps in communicating with the entire company team, informing them of what the organization is striving for.

Make sure that the program is accessible and clear from the very beginning - the structure of the program should be designed to express the intentions of the management and to prompt employees in which areas innovation is needed.

Invest time - yourself and your employees. The most economical way to start an innovation program is to use the knowledge that the company's employees have about the organization, business processes, and customers. Motivate them to take the time to think and generate ideas that will improve business outcomes.

**Set up an idea gathering team **- and review collected ideas. The team and verification are assisted by a document with specific guidelines for reviewing ideas. It sets priorities based on.

**Rethink the process of implementing your ideas **- Innovation programs often produce ideas in a cost-effective form with no specific metrics. The implementation process should include the phases of testing the hypothetical innovation, the implementation of additional research. All this to avoid possible failures.


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