Why do 88% of Ideas Fail to Make it to Market?
The reason 88% of ideas fail to make it to market is companies have no system to turn ideas into marketable innovations.
Even though 87% of CEOs list innovation as a Top 5 priority 78% of companies have NO INNOVATION SYSTEM.
Do you think it’s a coincidence that 88% of ideas fail to make it to market when 78% of companies lack any innovation system?
Innovations produce 300% larger return on investment than capital investments. You can clearly see why CEO’s list innovation as a top priority. Innovation is the best source of profits.
Why don’t more companies have an innovation system?
Talking to Idiots
One of the traits of a great innovation is how obvious it appears once you’ve seen it. Unfortunately a lot of frustration can occur trying to explain the innovation to people who haven’t yet grasped the concept. Often it feels like you are trying to explain the innovation to an idiot. While this might be the case, if your innovation depends on explaining it to idiots you have a serious problem. Chances are that your idea will not become an innovation very soon if you can’t explain it to investors and it definitely won’t if you can’t explain it to customers.
How can you tell if the problem is with the way you are explaining it or if you really are just talking to an idiot? If the person you are talking to is an idiot, move on. But if they aren’t an idiot you are left with two other possibilities. The first is you aren’t explaining it very well. That can be easily fixed. The second is a warning sign that your idea won’t catch on. If your idea is too far ahead of a customer’s demand they won’t understand it. If that is the case you will waste a lot of time and money trying to bring it to market.
In communication sciences we have a term for this, its called rupture. Two people might be using similar or even the exact same words but using different definitions or making assumptions that are radically different. The meaning of the message gets lost in transmission. The context is as important as the code of any communication.
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Predictive Innovation: Core Skills Book
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