In this piece from Forbes, Ben Bloch discusses the four types of innovation: breakthrough innovation, sustaining innovation, basic research and disruptive innovation. He suggests that although today there is great focus on the latter, the level of risk involved in taking on established players with large R&D and legal budgets is very real. He goes on to suggest that;
“For new entrepreneurs hoping to make an impact, one of the best pieces of advice I can give is to listen to your gut and if you have a bigger-than-life idea that you can poke holes in 200 times, and still feel like it’s meant to be, then do your research, create a budget to develop and market the product.”
At smartcrowds, we would support this view, idea testing and validation is a key element in the 360° Innovation and Continuous Improvement Framework and allows entrepreneurs/intrapreneurs to build confidence in an idea, that it is credible, workable and impactful, prior to launching to market.