An invention turned into an innovation is arguably the most lucrative endeavour known to man
Analogically speaking, an invention 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! That said, in and of itself, an idea has limited value - it only has potential value.
Turning an idea into an invention and an invention into a successful innovation is a dynamic, interactive and iterative process. This involves designing and implementing a business model that is capable of transforming a new product idea into a market-ready product, then converting this into an innovation. Achieving such a feat is a costly and complicated process involving a myriad of interrelated stages, steps, activities and decisions.
In order to orchestrate, integrate and time these activities, Inventec has developed a unique, tried and tested business model to foster the process of value innovation. Implementing this model requires a systematic and holistic approach, involving the full spectrum of “idea to market” activities such as:
- Evaluating the potential of the new idea in terms of desirability, feasibility, viability, compete-ability and patentability
- Identifying commercialisation requirements for the new product
- Formulating a customer value proposition (CVP) aligned with the commercialisation requirements
- Designing and implementing a business model, including a value chain, capable of bringing to life the CVP
- Compiling product design requirements & product specifications
- Implementing a product development process to transform the new product idea into a manufacturable and marketable product
- Positioning, promoting and delivering the product to the target customer
- Capturing value in the form of profits from the foregoing
Central to the above activities is a business model designed to drive a value chain consisting of the following stages and steps:
- Ideation: Generation & Evaluation
- Embodiment: Experimental Development Prototype (EDP) & Fully Functional Prototype (FFP)
- Industrialization: Industrialized Prototype (INP) & Pre-Production Prototype (PPP)
- Manufacturing: Tooling & Production
- Marketing: Positioning & Presentation
- Use: Trial & Diffusion
Planning and implementing each of the value chain stages and steps - including the other business model elements that supports the value chain, involves numerous decisions and activities as shown in the diagram below.