Entities & companies that look for alternative models to innovate
Innovation, Challenges, Market, Demand.
Currently, the push model of innovation is mature in most developed economic systems, but the competitiveness of markets and the globalization of technological supply demand a paradigm shift in the way things are done. This transformation is mainly focused on exploring, asking and responding to the market with the available technological offer, imposing a model that combines more complex supply and demand that seeks greater efficiency and a better return on investment.
Knowledge Innovation Market proposes to work to put the focus of innovation on demand, following a pull model. The substantial idea of this pattern is to know and understand the market in which innovation will be introduced, putting the need of society and industry before the technological offer. In this way, it is possible to anticipate the possible failure in the introduction of the new technology or product in the market, without having the intrinsic value of research and in particular of basic research.
- Identify the deficiencies: Detect the critical points of the company, describe and detail them. Identify the requirements that you need to solve those needs, think about what benefits would come from solving it and ask yourself if it brings something of value to your clients. Look for solutions from competitors or in the ecosystem you are. Could you use to solve it? Perform even a small market research to find out or talk to your competition and your potential customers. Quantify your return and make the decision whether or not to address this challenge.
- Define your challenge: Once the lack we want to address is specified, the challenge must explicitly define the need to be covered and to which these innovations will be directed.
- Communicate it!: It is very important that the whole company knows and understands the challenge. This will generate an adequate alignment between the innovations that are being developed. This will prevent resources from being invested by developing solutions that will not enter into the funnel of the company’s projects, however innovative they may be. An adequate communication campaign is essential.
- Define the strategy: Reflect on whether it is convenient to develop the solutions internally or if opting for Open Innovation could be a better strategy. If you are not yet part of your core business, the innovative ecosystem could offer you tighter solutions. Work on the solution and share know-how, this will enrich the solution that is developed.
- Provide the tools to innovate: Innovation is not trivial, it needs resources and tools that facilitate this process. “Agile” methodologies and design thinking approach facilitate it. Incorporate market research techniques in the innovation process, have your employees or partners talk to potential clients, do small experiments to learn if there is demand or not around what you want to develop.
- Solve your challenge: Search, develop and/or incorporate solutions aligned with the inputs you receive from the market. Only then, you will increase your chances of introducing innovation successfully.