Innovation Navigator

One star suggests that you are progressing with healthy innovation practices.
Two stars suggest that there may be some significant improvements to be made.
Three stars suggest that you are facing challenges in your innovation adventure and may need to enlist some specialist support.

The Further Information section will guide you to topic that will best assist you for your stage of development.

Question Your Responses Further Information
Why do you want to innovate? * To be more productive and competitive in new markets
** To improve profits and increase sales
*** To develop a good idea

    		 The success of your innovation will depend very much upon your motivation. Innovation can be pivotal to increasing profits and opening new market opportunities but this must be in your sights as an objective right from the start.

    For further information:
    Do you know your idea will work? * Have conducted a feasibility study
    ** Have consulted and sought advice
    *** Not sure at this stage

      		 Before you begin to produce a new product or service or adopt new business practices, the idea needs to be properly evaluated and developed.  This includes conducting a feasibility study, prototyping or conducting a proof of concept, ensuring that the design optimises functionality and protecting your intellectual property through formal agreements or legal instruments.

      For further information:
      Is your idea well developed? * Have conducted proof of concept
      ** Have built a prototype
      *** Have not yet completed detailed scoping
        Is your idea designed to be functional? * Have designed to optimise performance
        ** Idea is functional but design could be improved
        *** Idea will work but is not  well designed
          Is your intellectual property well protected? * Formal protection is in place (e.g. patent, trade mark)
          ** Will use speed to market and informal protection
          *** Have not considered IP protection
            Have you identified what funding you require and where you can access it? * Have developed full business case and am ready to pitch to investor or lender
            ** Have identified funds required but do not know where to access them
            *** Have not yet identified funding requirement

              		 You will require funding at every stage of innovation until your idea begins to pay for itself through sales, licenses or improved efficiency.  At the early stages, you will need to estimate the funds you require, identify potential investors or lenders, and prepare your pitch to them.

              For further information:
              Do you have the required capability to implement the idea? * Have all the required research, commercial and technical skills
              ** Have some of the research skills, technical skills or commercial skills required
              *** Do not have the required research, technical or commercial skills to proceed

                		 Successful innovation requires a blend of research, technical and commercial skills.  It is important to identify the skills your require, understand any gaps in your team and identify ways to build capability through hiring skilled people, developing the current team’s skills or collaborating with other organisations with the skills you require.

                For further information:
                Have you established strong networks to help you develop and market your idea? * Have established strong relationships and networks
                ** Have some contacts but have not formalised relationships or networks
                *** Do not have relevant networks in place

                  		 Relationships are critical to successful innovation.  You need to establish strong networks with people and organisations that can help you develop and market your idea.  Some of these relationships will be strengthened through formal agreements such as a memorandum of understanding or a legal contract.

                  For further information:
                  Do you have strong connections to your potential markets? * Have established formal relationships to market idea
                  ** Have some contacts and informal relationships with market
                  *** Have not identified or connected with markets
                    Do you have optimum processes in place to produce and market your idea? * Have conducted process mapping and improvement 1
                    ** Currently reviewing processes
                    *** Have not considered processes

                      		 The way you structure and run your business will either enhance or hinder the success of your innovation.  Ensuring your processes are optimal, you are using a business model that supports the innovation, and developing a business and exit strategy at the start, all increase the opportunities for success.

                      For further information:
                      Do you have the best business model to produce and market your idea? * Have recently reviewed and refined business model
                      ** Aware of improvements that need to be made to business model
                      *** Have not considered relevance of business model
                        Have you developed a business strategy for your idea? * Have developed a business development and exit strategy
                        ** Have developed a strategy for business growth
                        *** Have not considered a business strategy
                          Do you have advisors, mentors or a coach to support you? * Have an established advisory board and mentor or coach
                          ** Have a mentor or coach
                          *** Do not have formal advice

                            		 To grow and continue to be innovative, it is important to be exposed to critical thinking and new ideas.  An advisory board or Board of Directors can provide advice across a range of disciplines that enables ideas to be critically evaluated.  A structured mentoring or coaching program can also provide new ideas, advice and encouragement.

                            For further information:
                            Do you regularly measure and review your progress and learn from successes and mistakes? * Regularly measure progress, formally review and make structured improvement
                            ** Review progress informally and look for ways to improve
                            *** Do not measure or review progress

                              		 Measures of success help you to know whether you have achieved what you set out to gain from your idea.  You can then track your progress and formally review what you have achieved with a mentor or advisers.  Reflecting on what has worked and looking at ways to improve will ensure your continued success.

                              For further information:

                              1 Business Process Mapping refers to activities involved in defining exactly what a business entity does, who is responsible, to what standard a process should be completed and how the success of a business process can be determined. (Source: www. wikipedia.org)