Developing your idea for innovation
An idea in itself is not a business until it is developed into a commercial opportunity.
Ideas can have many potential applications – sometimes the initial intended application is not the best commercial opportunity. For example, what started at 3M as non-sticky glue, found its way on to our desks as Post-it® Notes. The change in application for the product ultimately resulted in promoting it to a different market.
The best commercial outcomes often result when market opportunities are identified and ideas are developed into products and services to meet those opportunities. This is referred to as a market demand 'pull' approach.
The alternative is to 'push' the idea out to the market in an application. However, this can be high risk and expensive as the market may not realise the need and want or even be ready for your product or service.
This guide explains some key elements and considerations that will help develop your idea into a commercial reality.