Describe the stages in the process of innovation?
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An invention is creating something new that the market has not seen before. Aninnovation is taking an existing concept or idea and improving it, typically using a step-wise process of developmental stagesleading to a commercially viable product. ... Setting the cost and value of the products correctly.
The experimentation stage tests the sustainability of ideas for a particular organization at a particular time — and in a particular environment. At this stage, it’s important to determine who the customer will be and what he or she will use the innovation for. With that in mind, the company might discover that although someone has a great idea, it is ahead of its time or just not right for a market.
In the commercialization stage, the organization should look to its customers to verify that the innovation actually solves their problems and then should analyze the costs and benefits of rolling out the innovation. The authors make sure to note that “an invention is only considered an innovation [once] it has been commercialized.” Therefore, the commercialization stage is right people to progress.
The diffusion and implementation stages are, according to the authors, “two sides of the same coin.” Diffusion is the process of gaining final, companywide acceptance of an innovation, and implementation is the process of setting up the structures, maintenance and resources needed to produce it.
Stage 1: Idea Generation and Mobilization
The generation stage is the starting line for new ideas. Successful idea generation should be fueled both by the pressure to compete and by the freedom to explore. IDEO, the product development and branding company based in Palo Alto, California, is a good example of an organization that encourages successful idea generation by finding a balance between playfulness and need.
This stage is the time for weighing an idea’s pros and cons. Advocacy and screening have to take place at the same time to weed out ideas that lack potential without allowing stakeholders to reject ideas impulsively solely on the basis of their novelty.