The majority of our innovation consulting projects deal with the development and execution of growth innovation strategies for Small and Medium Enterprise. During these engagements, we are challenged to develop new innovation processes and strategies at the firm to increase corporate growth. Based on multiple projects and years of experience we have been able to identify the most common and critical pitfalls to avoid during the development and execution of innovation technology projects.
Pitfall #1 Market Need of the Project
Have you figured out what problem or unmet needs are you addressing. Have you validated the expected benefits of the project? Have you talked to potential customers and determined whether or not the project is interesting? What is the minimum viable product that will satisfy a customer?
Pitfall #2 Project Fits in the Product Plan
Does the technology fit in the product plan or will require a new business? If successful, will the technology be needed when ready? Will it be early or too late to achieve market acceptance? If developing tools or know-how, will they be needed and competitive when completed? If it requires a new business is the company ready to support that new business?
Pitfall #3 Project Marketability
Will successful project deliverables drive the business? Is the appeal of the project deliverables broad or highly specialized? Are Business Development and Marketing team members on board with the program and socializing the project with customers?
Pitfall #4 Project Risk Assessment and Mitigation Plan
Has a project Risk Assessment completed? What are different types of risks identified? Does the program have the required resources, budget, duration, etc.? How critical is the success of the program to the organization? Is there a mitigation plan in place to minimize identified risks to the project and organization?
Pitfall #5 Intellectual Property
Have you considered what Intellectual Property the project might generate? Will it generate a unique technology, process, methods, tools or know-how? How will the company protect and exploit the IP?
These are very common pitfalls that occur during the development and execution of innovation programs. Innovation program managers should identify and address all of these pitfalls at the planning stage or early during the execution of the program to increase the probability of a successful outcome.
Technology & Business Innovation
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