Innovation Snack 9-2 Selecting Your Next Innovation Project. Criteria 2: Impact

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!

I believe that companies and products exist for more than just making a buck. I believe that they should make a positive impact on a community or the entire world – that they should make the world a better place. I teach this principle to young entrepreneurs so they understand that entrepreneurship is more than hustling dollar bills, and I believe it applies (or at least should apply) to everyone.

So, the second criteria is Impact. Will the project make the impact you’d like to see in the community you are serving? Will it make the world (or at least some small part of it) a better place?

Without clear positive impact, your product or service runs the risk of being perceived as a mere attempt to fatten your pocketbook, rather than as a way to add value to a community (and the customers within that community). Impact is like value – but applied to the entire market or community rather than to individual customers.

Think of the companies and founders you most admire – and give repeat business. I’ll bet that most have created products that pushed their markets or communities forward. Call me altruistic if you like (thanks for the compliment), but I believe creating positive impact creates innovation return not only in repeat business, but also by growing markets.

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

Published by Steve

I write and train about innovation, empowering entrepreneurs to build a better tomorrow.

%d bloggers like this: