10 insights to innovation success – Commercialisation!

In this 9th episode, our CEO Richard Hall MSc, BA(Hons), CMgr MCMI, FRSA talks about the how to monetise innovation.

Here are the 10 things that must be considered.

1. Innovating to resolve a technical problem is one thing, but making money from it requires a completely different set of skills.

2. There are different ways of monetise innovation, for example distribution, royalty or licensing.

3. It all depends where you are in the journey, the appetite for sinking your own capital expenditure to go it alone, or using established networks.

4. Think about the target market and its size.

5. The route to market which will define your critical thinking.

6. . Be aware of the target user and the price sensitivities of the innovation when it lands in the market.

7. To be commercial viable, think about a minimally viable product to launch the innovation in its basic form in order to gain feedback, sometimes good enough is good enough!

8. Be aware that just because you have a good innovation, it does not necessarily mean that it has commercial viability.

9. Consider getting those cost/price insights at the start of the innovation journey to understand the value proposition.

10. Talk to the intended user, test the market, obtain feedback and action on it.

If you’ve found this interesting, then why not delve into the other innovation insights we’ve created by following this link [ Ссылка ]

And if you want to learn how we can develop your product, help you innovate or just have a chat then reach out to us at www.pd-m.com

свернуть