Establishing a sustained practice of innovation can be challenging. There are many areas a company has to perform well in to possess the ability to innovate. A company must explicitly specify what area it plans to innovate within; it needs to be able to formulate a set of goals for the innovation initiative then measure the efforts needed to reach the defined goals. Finally, a company must be able to scale and set a culture of innovation as a practice. According to de Jong, Marston, and Roth who wrote "The eight essentials of innovation", the core of the innovation process, however, is the main ingredient of innovation discovery.
Innovation discovery is the strategic ability to search and identify a differentiated business opportunity in a new market combined with the company's ability to deliver on the new proposition in such a way that the value created is attractively profitable.
For innovation meet his criteria companies needs to:
Find a worthwhile problem;
Have the relationships necessary to create a technology that solves the problem and;
Formulate a business model that empowers it.
Iterative testing, analysis and product tweaking in the coalface of market testing.
Innovation is a company-wide, strategically defined process. Without a measured way of discovering the area's of innovation, a company will struggle to reach new market opportunities effectively.
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