Funnels for business for Research and Development

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let's talk a little bit about the Innovation funnel this is the idea that you need a certain number of input I let's talk a little bit about the Innovation file this is the concept that you need a certain amount of input ideas to come up with an Innovative outcome a lot of us think that there's a single idea that moves through the whole process and sometimes that happens but more often than not there are a lot of ideas that are tried and don't work before we get to that one really great Innovative idea so some research has been done on this and indicates that you need about 3 000 raw ideas from the front end they then get windowed down that's our Divergent thinkings three thousand Divergent ideas they get narrowed down into just a handful of ideas that may actually be tested to become new Innovative products so Research indicates that out of the three thousand raw ideas maybe 300 are selected to move forward of those 125 might get more scrutiny and only four of those 125 will become projects to actually take your product to actually take an idea from inception all the way through execution and of those four ideas only two will actually be brought to the market and of those two more often than not only one is successful so we start with a pool of 3 000 ideas and we end up with one idea you know and start with a pool of 3 000 input ideas and end up with a single Innovative idea on the other side that means we tried that means to be evaluated two thousand nine hundred ninety nine things that didn't work and that's okay because one of the things you want to do is take those ideas that didn't work this time and recycle them sometimes ideas aren't just sometimes the environment's not right for an idea sometimes it's a great idea it just needs a technology that's not available yet we can take those potential ideas this is potential Innovations and put them on the Shelf and then you take those potential ideas put them on a shelf and bring them back the next time we face this problem The Innovation funnel doesn't have to take a long time when we think about it in an industrial column we think about it on an Enterprise context we normally imagine a single idea going through a process that may take years to come to Market but you can actually do this much more quickly and that's one of the ideas behind agile or design thinking that you can have many ideas but through Rapid iteration you could win out your 3000 ideas into one successful innovation in just a single afternoon and there's a huge amount of power in there there's a story about amazon.com that they changed their website between 500 and a thousand times a day they do small incremental changes to see how people react the accumulation of those changes keeps amazon.com highly Innovative and creative place if they were to do a single process where they had to wait a year and a half before they could make a single change on the website it would be dead in the water taken over by another company when we think about Innovation we can still think about having a huge volume of ideas but we don't have to be controlled by a long time scale