Turning ideas and products into profitable innovations
Innovation is arguably the most lucrative endeavor known to man. Analogically speaking, it is like “spinning straw into gold” – generating an idea at zero cost and transforming it into an innovation that may return millions – an infinitely high return on investment!
An idea or invention alone, however, has limited value. To add value, a suitable business model, including a systematic product development process, must be implemented to progressively transform the idea along a value chain into a product offering that is responsive to the needs and wants of the target market. Once developed, the market-ready product must be presented, promoted and delivered to the target market in such a way as to capture value in the form of profits.