Venkatakrishnan Balasubramanian, outlined five elements for us to think about when thinking about innovation. To explore innovation from the lens of an entrepreneur, these are just some of the key questions one would explore.
Competitive advantage: Does the innovation deliver a unique competitive advantage?
Business alignment: Does the innovation align with the key strategic focus of the business and its goals?
Customers: Do you know who will benefit from your innovation?
Execution: Do you fully understand all the elements required for the innovation to succeed?
Business value: Do you know the value the innovation will create for the business?
By exploring these questions as a starting point, an entrepreneur can assess the novelty of an invention applied to a customer and their wicked problem to determine that the 'solution' this invention delivers is in fact, worth pursuing.
About the Author
Adam Ryan is a Professor of Practice (Adjunct Professor) at Monash University and is a principal at Watkins Bay. He has over twenty years of start-up experience in Australia and the USA. An expert in company structuring for innovation, high growth strategy and capital for early to growth stage businesses.
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