THE PHASES OF THE INNOVATION PROCESS 4 PHASES TO MATURITY
The innovation process is a risky process that can "sink" a lot of money and/and, often even worse, miss out on market opportunities. For example, the first one on the market for a new, really new product with a new application usually wins 37% of the market, the second 25%, and the third 12.5%- the ones that follow later end up under also running. Therefore, a structured system is essential in implementing innovations, whereby a balance must be found between structure and creativity. It is important not to lose sight of the basic idea, separate what is essential (must have) and what is not crucial (nice to have). Several techniques - tools - how to handle it, hardly anyone uses a " Whole Sale Custom Packaging " system; every company varies according to its own needs. There are 4 phases: The idea creation phase, in which the product or business idea is born, defines the cornerstones, the target group, and the channels. Again, there are plenty of creative te...