Innovation Management - Time to Market or Time to Success?

Creativity can be defined as problem identification and idea generation whilst innovation can be defined as idea selection, development and commercialisation.

There are other useful definitions in this field, for example, creativity can be defined as consisting of a number of ideas, a number of diverse ideas and a number of novel ideas.

There are distinct processes that enhance problem identification and idea generation and, similarly, distinct processes that enhance idea selection, development and commercialisation. Whilst there is no sure fire route to commercial success, these processes improve the probability that good ideas will be generated and selected and that investment in developing and commercialising those ideas will not be wasted.

Time to market or time to success?

Even today Innovation Consultancies trumpet their ability to increase time to market as opposed to time to success:

a) It is always possible to increase time to market - one way is by not carrying out proper due diligence and thus increasing the likelihood of failure.

b) Whilst there is never enough time available before pushing a product onto the market, there is always enough time to revisit what went wrong and fix problems. The cost of reengineering runs into the billions.

c) Speed and cost are considerations but good decision-making should be priorities.

d) Quick time to market does not guarantee profit. A strategy of time to profit makes more business sense.

These and other topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) from http://www.managing-creativity.com/

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Kal Bishop, MBA

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Kal Bishop is a management consultant based in London, UK. He has consulted in the visual media and software industries and for clients such as Toshiba and Transport for London. He has led Improv, creativity and innovation workshops, exhibited artwork in San Francisco, Los Angeles and London and written a number of screenplays. He is a passionate traveller. He can be reached on http://www.managing-creativity.com/

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