The success of idea generation efforts cannot be measured solely in terms of quantity; rather, success should be determined by the business value of the best ideas brought forward. Most companies suffer from a lack of high-value projects in their portfolios, and would prefer 20 bad ideas and a single outstanding idea to 21 merely good ideas – especially if that one outstanding idea results in an outstanding product.
This paper, the third and final in a series dealing with how to surmount barriers to sustainable market differentiation, introduces five key best practices for implementing an idea development process that will result in a sustainable, evergreen pipeline of high-value ideas for new products. These principles improve value creation in the innovation process from idea generation and concept development through production.
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