The third step is the development of the idea. This involves designing the product or service, developing the technology, building prototypes, and testing the idea with a small group of customers. The goal is to refine the idea, identify potential issues, and make necessary adjustments before the product or service is launched. Innovation Management requires strong leadership, a supportive culture, and a willingness to take risks.
Leaders must be willing to invest in innovation, provide the necessary resources, and create a culture that encourages experimentation and learning from failures. Design thinking involves a customer-centric approach to innovation, where designers focus on understanding the customer's needs and preferences to create products that meet their needs. Lean innovation is a method of Innovation Management that involves rapid prototyping and testing to quickly identify and address potential issues.
Once the ideas have been generated, they need to be evaluated, and estimating the resources required to develop and launch the product or service. The evaluation phase helps to identify the most viable ideas and determine which ones should be pursued further. The next step is to develop a prototype or minimum viable product (MVP). A prototype is a working model of the product or service that allows the team to test its functionality and gather feedback from potential customers. It allows the team to test the product in a real-world setting and gather feedback that can be used to improve the product. The development phase is where the product or service is built.
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