There’s a statistic that is quoted a lot by those in innovation, that something like, “90% of innovations fail”. For a lot of businesses this rate is way too high to even contemplate making innovation a regular part of their processes. Instead companies elect to wait until they have no choice but to innovate or be pushed out of the market. What if you could make innovation easier, though? Would more companies embrace the concept, building better products that delight their customers? We believe so.
How Do You Make Innovation Easier?
So, how do you make innovating easier and more cost-effective? The whole idea of innovation is that you are coming up with a new idea or a new way to look at something or accomplish something. That takes time, effort, and money. Sometimes it takes a lot of these three resources. However, there is an approach that cuts down on the time, effort and money involved in an innovation and that is to systemize it.
Systemizing Your Innovation
A system is simply a set of steps or a process for doing something. If you apply a systematic approach to your innovations, then you will always know the steps needed and you can better estimate the cost.
The system that we’re highlighting today is sometimes called the Rapid Innovation Cycle, which has 4 main phases. It is also referred to as the D4 Model, because each phase’s name starts with the letter D. The model consists of these steps:
- Define the Opportunity
- Discover Ideas
- Develop Solution Concepts
- Demonstrate the Solution Concept
By following this systematic approach, you can achieve a success rate on your innovations of close to 86%! You can read more about this process here.