What Innovation Needs to Succeed
Anyone with an innovative idea will be able to tell you that innovation alone isn’t enough to guarantee success. Innovation is the start of a business – a lot more is needed to make it work. If you have an innovative idea and want to make sure that you are able to make something out of it, you don’t just need to focus on the core idea, but on many different factors. Here are a few things you need to ensure.
The first thing you are going to need as an innovator is financing. If your idea is small then go to the bank and see how you can get a business loan. If your idea requires a large investment, go talk to different venture capitalists. There is another big advantage to looking for financing; you get your idea vetted, and that too by professionals. No one will rip apart your idea like the people who you ask to fund it. Even if they say no they will end up telling you why they are saying no. You may be alerted to some fatal flaws in your business plan while you can still fix thm. You will also find out the true viability of your innovation.
Costing is hard. Costing isn’t fun. Costing might reveal some things you may not want to know. These are just some of the reasons many innovators try to avoid focusing on costing. They know it is important but they try to put it off as much as they can. You need realistic costing to judge the viability of your innovation. If you have built a better product you need to make sure it is affordable as well.
Many entrepreneurs find out that their product will cost much higher than promised and end up realizing they are in too deep now to change things. Virtual Reality headsets are a great example. 2 years ago the biggest VR company announced that their VR headset will cost around 300 dollars at launch. They recently released it at more than 600 dollars and customers were not happy.
The right people
No matter how great your idea is, it will not be successful unless you have the right people handling it. Your team needs to know what needs to be done and they need to be capable. At the same time you also have to focus on your managerial style. You cannot create stress for your core team and you should not panic in front of them. You need people you can depend on and that only comes with trust. You will need to be an excellent judge of character to be able to determine who is the right person to hire and who isn’t. You also have to make sure you never get into a petty argument or situation with any employee. Too many good companies have failed because the manager’s attitude was not right or because their egos were too big.