The Current Innovation Landscape
Everyday all around the world thousands of visionary entrepreneurs are inventing new products and services with great ideas, enabled by their creative concepts. Their goal is to create great companies driven by their innovation to make money as well as create a better world. However, breakthrough innovations do not materialize until inventions are successfully transformed into commercial applications. Entrepreneurs today struggle with these challenges during that transformation process, ideas fall into “Valley of Death”, thus most of the startups fail in the first year.
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In today’s fast pace global economy, the ecosystem for innovation will extend well beyond conventional, technological concepts. It will enable a rapid process from formulation of new ideas, through applied research, development of Minimal Viable Product (MVP), to evaluation for commercial viability, market acceptability and commercialization.
What are the Challenges for Entrepreneurs?
One of the shortcomings of such method is after the completion of applied research projects, it is very slow to transfer results of research into marketable products. Sometimes it never materializes due to inability of the startup to identify market demand, high investment required, missing right talents, regulatory obstacles etc. As Eric Ries, author of the book “The Lean Startup”, says, “A startup is a human institution designed to create a new product or service under conditions of extreme uncertainty”.
Therefore, traditional management and accounting practices, mostly driven by existing and historical company data do not apply to startups, because these newly created businesses do not have data to measure the progress or forecast the future. Missing business data puts startup companies in “extreme uncertain” conditions.
Since startups are stressed with lack of financial resources, attracting and retaining the “best”, hiring highly skilled people to an uncertain environment are very difficult. Besides, their product is unproven on the market. An early-adaptor customer must take a similar risk like the startup to test the product and use it on a pilot basis. These are a few challenges startup management faces every day.
What is Innovation Management?
Innovation Management in a Startup environment is about constant learning. It is a structured learning process, from failures, from the progress, from feedback received from analysts, experts and potential end-users. It is all about how to measure, analyze the small batches of data collected and how to optimize the processes. It is a different management methodology based on the ability to learn from the short milestones, how effectively management measures and analyzes the data, determines whether they proceed to the next step, conduct further rigorous testing or go back and reevaluate their strategy or even the original idea. Sometimes management may have to make the toughest decision: Give up before it is too late!
What do we do at iBC Insights LLC?
Sinan Tumer, an Innovation Strategist founded iBC Insights LLC to mentor and advice entrepreneurs to overcome these challenges in their innovation journey. iBC Insights LLC partners with high-tech Startups, Scaleups, University Startups and Innovation Incubators to develop their innovation strategy, innovation culture, business plans, technology transfer processes to commercialization with focus on investment assessment.
SELECTED INNOVATION PARTNERS OF iBC INSIGHTS LLC
Naqi Logics LLC
www.naqilogics.com
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