One of the main reasons that entrepreneurship fails is because the entrepreneur or company at the innovation stage does not properly understand the governance stage of the innovation process. Entrepreneurs often spend too much time at the planning and development stages of the innovation process and not enough time at the innovation stage. This means that they are over-valuing the innovation process and under-valuing the value of the entrepreneur’s time. There is a better way to do things, and this article will explain why. This article also discusses how an entrepreneur can make sure that his or her innovation ideas get valued by their peers.
Unfortunately many companies only invest in an innovation project when they have exhausted all other avenues of venture capital. At this point they typically seek out venture investment firms to help fund their research and development efforts. However, many venture capitalists do not view an innovation project as a good source of venture capital. It is much more likely that the IP attorney or lawyer that works on your venture capital financing will be much more inclined to view your innovation as a good secondary source of funding. This means that it is important for you to both pre-plan and execute your innovation to make sure that you receive a reasonable return on your investment.
The governance process for an innovation process begins with the entrepreneur and goes all the way down to the manufacturer. This means that an entire company may not necessarily be involved in the creation of your innovative product. Additionally, it is important to consider the fact that even if a company is not directly involved in the process, they may still be extremely critical of the product once they have been consumers of your innovation. In the case of an entirely new product it is especially critical to take into consideration the supply chain before proceeding.
If you are planning on pursuing an innovation, whether it be in the form of a new product, an entirely new idea, or a novel method for manufacturing, then you should consult with a company that can help you with the planning and execution. The first thing that needs to be determined is whether your innovation will be a small pilot of perhaps, just a component or perhaps, a full system.
There are advantages and disadvantages associated with every type of innovation, so it is essential that you determine which direction you want to go before you begin the supply chain. An example of an important decision to make is whether or not to utilize the agile or waterfall approach to the innovation process. Agile is based on continuous improvement with little or no change to what has been previously achieved; whereas, waterfall is designed to develop incrementally and includes change as it occurs.
After you have determined the direction of your innovation process and you have a better idea as to how it will move forward, the next step in the innovation process is to create a business model. Your business model should include your target customers, your process for delivering products to them, your targeted sales channels, and your manufacturing capacity, among other things.
The purpose of creating a business model is to ensure that your business has a solid footing at the beginning of the innovation process and one that continues throughout the evolution of the company. The governance model of your company will depend upon the product and service that you offer. If you plan to offer a unique or unusual product, then you may want to consult a specialist in the specific field that you intend to compete in.
Once you have created your business model, developed a marketing strategy, created your manufacturing capacity, and acquired sales and delivery channels, then it is time to create your innovation strategy. Your innovation strategy should include the investment of sufficient time, energy, resources, and funding into the innovation process. By engaging in the process early and planning for the entire venture from the beginning, you can ensure that there are no surprises once you actually start the innovation process. Your governance committee should also ensure that any regulations that require prior approval of your new invention are met.