Tue, 10 July 2018
Great ideas come and go, but what makes an idea into something bigger? How do you develop your idea into a product that will attract venture capitalists and scale your business? Is the idea sustainable beyond one or two seasons of growth? Can the idea bloom into a niche market and then cross pollinate? Patrick Henry, QuestFusion founder and CEO, shares his framework for cultivating ideation that reaps success. He calls it smart ideation.
Steps to Smart Ideation
Smart ideation is a five-step process for entrepreneurs and business owners building a growth company. The process focuses on business factors rather than simply developing the product. Patrick’s book, Plan, Commit, Win: 90 Days to Creating a Fundable Startup, lays out the framework for smart ideation.
The steps are as follows:
This test answers three questions:
Once you answer yes to the questions in #1…
Facing the challenges to scale your business, you need an intersection of
Applies to businesses funded by venture capital
Three ways to refine your idea.
Qualities of a Successful Ideator
Along with the smart ideation process, consider what makes a successful ideator. Patrick sees the successful ideator as one with a unique perspective and perpetual curiosity. They are the tinkerers, gadget users, early adopters who come up with new ways of doing things. These people are disciplined, hardworking, and passionate.
Five Minutes to New Ideas
How do you address customer complaints? Are they an annoyance to dismiss and be done with? Don’t make the mistake major companies have made minimizing or ignoring complaints. It may come back to haunt you. Be proactive in addressing customer issues. Listen to this week’s Five Minutes to New Ideas for insight on this important topic.
I’m getting ready to head out in the Mobile Studio in search of interesting innovators. I’ll be east of the Mississippi this Fall and west of the Mississippi the first of 2019. If you know somebody who would be a great guest on the show, drop me a note at killerinnovations.com.
The Killer Innovations podcast is produced by The Innovators Network.
Direct download: Smart_Ideation_to_Scale_Your_Business_S14_Ep18.mp3
Category:Past Shows -- posted at: 6:02am PDT