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IDG Contributor Network: Do you have a compelling innovation story?

Many, but not all, innovations involve some kind of technology, and start as an invention. Many of these technology-based inventions that may eventually become innovations are created by startups, but many are created inside large companies as well. In both cases, these technology-based potential innovations are often created by engineers or technologists that are well-versed in the problems they are solving to make the technology work, but not always with the problems that the technology may solve for customers. Often the inventors speak the languages of science and technology, which is not always the same language as that understood by the potential customers for their invention that they hope will become an innovation.

As I wrote before in the always popular, and often linked and liked, ”Innovation is All About Value,” there are three keys to achieving a successful transition from invention to innovation:

1. Value creation

Value creation is pretty self-explanatory. Your innovation investment must create novel or incremental value large enough to overcome the switching costs of moving to your new solution from the old solution (including the “Do Nothing Solution”). New value can be created by making something more efficient or effective, possible that wasn’t possible before, or by creating new psychological or emotional benefits. This creation of new value is what most people focus on, but you can’t achieve innovation without achieving success in the next two components as well.

2. Value access

Value access can also be thought of as friction reduction or experience design. How easy do you make it for customers and consumers to access the value you’ve created? How well has the product or service (or the experience of using it) been designed to allow people to access the value easily? How easy is it for the solution to be created? What is the employee experience like? How easy is it for people to do business with you?

Original Source: cio.com

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Updated: February 11, 2018 — 6:20 pm

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