It’s not a seven course meal.
It’s just a snack.
You can consume it in a minute or so.
But, it brings the flavor!
OK, let’s assume that you have solved a needed customer problem by creating a superb product solution. Good job on your innovation work, but you aren’t close to done yet.
To realize a return on your innovation you, of course, need to sell some product. To do that, you may need investor, bank, or internal financing.
To sell product, you’ll need a brand story targeted to your customers. The good news is that since you’ve done the work to understand the customer’s problem and then translate that into a kick-butt solution, you already understand much of what will go into your brand story.
To approach investors or lenders (or internal funders), you will need a business case story. And you have a head start on the business case, because you’ve identified the attributes of a compelling solution and built it out. Plus, that puts you in position to gain traction and confirm unknowns like pricing – two proofs that investors and lenders depend on.
Congrats on being well-prepared to achieve a good innovation return – provided you do more than “build a better mousetrap” – by communicating your good work to customers and financiers.
For a thorough guide to innovation techniques that will help you conceive and invent products that customers love, buy Steve’s e-book Made From Scratch
