Selling innovations requires addressing three elements of strategy: markets, technologies, and product categories. New product development practitioners should address the market share, profit formula, and competition when requesting funding for innovations. Read the full post at www.globalnpsolutions.com/idea-incubator/

1. Idea Insights from GNPS
Selling Innovation
Episode 15-43
www.globalnpsolutions.com/idea-incubator/
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2. Idea Insights from GNPS
Innovation
• Many definitions
• Creating something brand new
• Result of salable product or service
• New market for existing product/technology
• The result of novel application of technology or marketing to
enhance customer satisfaction
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3. Idea Insights from GNPS
Components of Innovation
Markets
Product
Categories
Technologies
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4. Idea Insights from GNPS
Market Share
• Sales of product relative to all products in given market
• Define narrowly or broadly
• Monitor and benchmark
• Demonstrate market share vs. competitions
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5. Idea Insights from GNPS
Technology (Profit)
• Test ideas and concepts
• Proof-of-principle in early stage
• Rough order magnitude of profits
• Don’t know sales or costs yet
• NPD process reduces risk of investment
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6. Idea Insights from GNPS
Product Category (Competition)
• Difficult to assess
• SWOT analysis
• Strengths, weaknesses, opportunities, and threats
• Product launch
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7. Idea Insights from GNPS
Selling Innovation
• Don’t want to get too technical at idea stage
• Three steps to sell innovation for funding
1. Sustain or grow market share
2. Make a profit in a reasonable time frame
3. Analyze competition’s response to product launch
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8. Idea Insights from GNPS
For More Information
• See the full post at the Idea Incubator Blog
• www.globalnpsolutions.com/idea-incubator/
• Free registration
• Contact me!
• 1-281-280-8717
• info@globalnpsolutions.com
• 2323 Clear Lake City Blvd., #180-177
Houston, TX 77062
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