While customers are constantly looking for ways to lower cost and improve margins they are also looking for new innovations to increase their market appeal and or competitiveness, just look at the success of smart phones and the iPad.

Innovation doesn’t have to be a ground breaking new technology it is about the execution and implementation of an idea. By creating its own coffee brand and presenting it in a coffee shop format, a vending company I work with has opened up new revenue and profit opportunities within its existing customer base. The powerful outcomes have resulted in it being invited by companies it has not done business with before to tender for new contracts.

Working as a business strategist with the vending company and similar businesses, I emphasise the three key requirements to successful innovation.

1. Focus on innovation

• Set time aside on a regular basis to look for and develop new ideas and improvements.
• Involve a cross section of people from within the business in the innovation process.
• Use an experienced outside facilitator to enable you to achieve the most from your innovation session.
• Involve customers as this adds a new dimension to your innovation process and often uncovers unexpected seams of great ideas. 

2. Use the 90 day project approach

• If it doesn’t happen in 90 days its not going to happen so its 90 days or bust!
• Go for a 90% ready product or idea and test market it. Too often companies waste valuable business opportunity and first mover advantage working to achieve perfection.
• Beta versions and test market will provide you with a wealth of information and ideas that will prevent costly mistakes later. 

3. Don’t expect success every time

• Accept set backs, it happens to the best of us.
• Be objective and always aim to learn lessons – however painful.
• Don’t play the ‘name and blame’ game it gets you no where.
• It may just be a case of bad timing so, don’t throw anything away. 

With business growth funding getting harder to secure and funders being more selective, many funders rate innovation as a critical investment criteria in the businesses they are being asked to support. 

What innovation success and war stories do you have to share? 

If you would like more information then email me at richard.bosworth@whatifspecialist.com. You can also follow @richardwhatif on Twitter and find me on LinkedIn under Richard Bosworth.