Creativeness and passion has let innovators turn ideas into concepts. Actually, there are many ways to develop a product, but three main elements that could secure its success. Have you ever identified them?
Naturally, innovation can’t be a linear or a completely structured process. Iterations are needed and different problems could pop-up throughout the journey. However, solutions shouldn’t be a problem if three elements are constantly part of the vision: desirability, viability and feasibility. Let me share its importance and how they contribute to boost value into the product.
Desirability + Feasibility + Viability = Innovation!
Desirability — Do they want this?
Remember that a project should be triggered by a necessity in the market. At the end of the day, they are the ones who are going to acquire the product according to their desirability for a valuable concept. Don’t get me wrong, even disruptive proposals can be solutions that anticipate a necessity from the market, meaning that customers might not even know yet that they’ll have that specific need in the future. However, in both cases there should be a segment that backs up the idea that “dogs will eat the dogs food”.
Feasibility — Can we do this?
Sometimes mimicking the competitors just to keep up to their level is not the best idea. It’s a must to have a track record of the strengths and capabilities of your business. Make the most out of them while planning a strategic path for growth. Don’t try to be the best at everything, but learn to exploit the resources that could flatter the business wellness. Be the best in whatever you do better!
Viability — Should we do this?
As I previously mentioned, creativeness and passion are part of any innovation and entrepreneurship. Nevertheless, we can’t let our dreams dazzle our sight from reality. At the end of the day, numbers are numbers, and its objectiveness is reflected at the economic indicators while evaluating the viability of any business. Keep in mind that the final objective is to create a profitable solution, with a sustainable business model.
Innovators are always told to fail quickly, but smartly. In my opinion, I’ll add that without forgiving that desirability, feasibility, and viability should be part of the process. These three elements are essential for the innovation equation. So next time you are trying to creatively innovate keep in mind that there should be a market willing to buy your product, you must have the strengths and capabilities, and the numeric indicators should be favorable for your business.