Research shows that most innovation projects fail to successfully enter the market¹.  Most of these projects fail for commercial, not technical reasons.  The High Performance Innovation Framework℠  is the methodology that we highly effective tech commercialization strategies our clients. Strategies developed using the Framework are customized to the specific demands of the technology, as well as the targeted market.

The Framework is built upon two key ideas:

• Successful entrepreneurship and innovation is about getting new products and services to the marketplace.
• Successful innovation requires more than just great technology.

The goal of the Framework is to couple viable technology offerings with equally viable commercialization strategies that will deliver the new product to the right market.  The Framework is built upon five key principles that enable an entrepreneurs to develop the necessary commercial capabilities to successfully deliver their innovation to the market.

Let’s briefly explore each of the 5 Keys below.

1. Early Market Engagement – We have found that entreprenuers and innovation teams that understand and consult with their markets throughout the innovation process have the highest likelihood of successfully entering their target market.  Here’s why: Innovators who are well-connected to their markets tend to understand the needs and wants of their target users and buyers better than those who are not well-connected.  They also tend to build smarter solutions that fit the market better.  The earlier that an innovation is introduced to its potential market, the more effective the supporting innovation process will be in delivering a successful product or service to the target market.

2. Target Market Validation – Statistically speaking, most innovations fail.  One if the primary reasons for these high rates is over-reliance on incomplete or erroneous marketing assumptions.  Too often, technologists base development decisions on un-verified assumptions or pre-conceptions that they have of the problem to be solved or the intended users’ real needs.  We refer to this situation as hypothetical marketing, and it is a potentially deadly pitfall for entrepreneurs.  Engaging in hypothetical marketing usually leads to development delays and cost increases, missed opportunities, product/market mismatches, and ultimately, innovation failure.  The antidote for hypothetical marketing is target market validation.

3. Multi-Disciplinary Teams – Successful innovation is a team sport.  Because it takes more than good technology to ensure successful innovation, the most effective innovation processes will be supported by a cross-functional team of technology experts and commercial experts.  We find that commercial experts such as marketing and sales professionals tend to be brought into the innovation discussion too late in the process.  When this happens, important early stage market-related activities are often overlooked or inadequately executed.  The best innovation teams have a balanced representation of technological and commercial needs.

4.  Industry and Expert Feedback – Well-planned innovation strategies employ the knowledge and expertise of real people in the target market.  This includes real users, buyers, industry experts and even competitors.  This feedback is essential to the validation of the innovation’s key assumptions.  Furthermore, it is often an early first-step toward business development and the identification of key partners and buyers.

5. Realistic, Fact-based Get-to-Market Plans – The outcome of the High Performance Innovation Framework is a realistic, actionable go-to-market plan that is based on market needs and team capabilities.  Aided with this plan, innovation teams can avoid the common commercialization pitfalls that befall a large number of innovation projects.

Notes:

1.  Milkshake Marketing, HBS Working Knowledge, Clayton Christensen PhD, 14 Feb 2011, http://hbswk.hbs.edu/item/6496.html

Next Steps?

You can learn more about how Teknolio’s High Performance Framework can aid your innovation project by enrolling in our free High Performance Innovation web-Workshop.  Or, you can contact us.

Note: The High Performance Innovation Framework℠ is a service mark of Teknolio, LLC.  All rights are reserved.