Innovation is the lifeblood of any business. Be it a groundbreaking invention or an incremental change in process, innovation is about generating new ideas that will prevent a company from stagnation by giving its products and services a competitive edge. In today’s challenging economic environment, it may be tempting to scale back but it is actually more important than ever to innovate.

Yet it is one thing to recognize the value of innovation but quite another to make it happen. Effecting change necessarily means turning established business practices on their heads, being open to experimentation and the possibility of failure. It demands creative thinkers, fearless leaders and a corporate culture that embraces change combined with the capability to turn new ideas into winning products and services. It’s as easy and as hard as it sounds.

Here’s a 5 step process to help you bring your ideas to life:

Step One: Developing Ideas

Innovation is rooted in the belief that nothing is impossible. Innovators are not content to accept the way things are. They use their imagination to make the impossible possible.

An innovator asks, “Why do we do it this way? Can I come up with a better solution?”

Anyone might identify something to improve the world or simply make life easier. But the idea is only the first step to innovation!

Step 2: Asking Questions

An idea might sound great at first, but it is a long way from inspiration to final product. Perhaps someone else already tried that idea. Maybe it worked; maybe it did not.

An innovator asks, “What have others done? Did it work? If not, why not? If it worked, could I do it better? If no one has ever tried this, why not?”

The answers to these questions might generate new ideas and better plans.

Step 3: Planning your idea

No idea can work without a plan. This is where the innovator thinks through the process from idea to reality. Drawings, models or a full-size prototype might bring an idea to life.

An innovator asks, “What resources do I have? What materials do I need and where can I find them? Is there anyone out there who can help me with this? How am I going to fund this?”

These questions all come before asking, “Does my idea actually work?”

Step 4: Testing your idea

Trial and error is the real-world test of an idea. Innovation usually cannot exist without failure because very few ideas work as intended on the first try. That doesn’t mean they’re bad ideas, but it does show improvements are needed.

An innovator asks, “Does my idea work? If not, why not? How can I improve it?”

Once the product works, it is time to tell others about the great idea and how it will help or entertain them.

Step 5: Marketing your idea

What good is an idea if only one person knows about it? The innovator must show others why they should want or need an innovation.

An innovator asks, “Who would want or use my product? How can I let people know about it?”

A marketing plan could be an elaborate media blitz or a simple word-of-mouth campaign. Either way, an innovation needs to seize the attention of potential customers.

Photo Credit: ieshraq

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