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Whether you seek informal input from a few trusted advisors, or
use brainstorming, a nominal group process, role playing, or some
other tool for generating new ideas, the intent is the same—to
generate as many ideas as possible. Once these ideas are on the
table, however, there must be a way to pare the list down to only
the "best" ones. Here are a few questions that can help the process:
- Does the idea support corporate strategic objectives, sales, and profit goals?
- Does it offer distinct advantages over existing products/processes, and will those advantages be understood and valued?
- Does it appeal to existing customers vs. requiring new marketing efforts?
- Is it feasible in terms of R&D costs, time-to-market, finished-good
cost?
- Does the idea address existing needs more efficiently?
The process of narrowing down the list of new ideas can be undertaken by the same group that generated the ideas. One approach is for the group to first discuss, and then vote on the ideas to see if a consensus exists. Alternatively, a smaller working group can conduct a preliminary analysis of the product ideas and report back to the larger group or to key decision makers. To a large extent, your company's structure and time availability will determine which approach is best for your situation. Ultimately, the decision is up to you.
One of the most critical issues in considering a new idea is its feasibility, from both a technical and a commercial perspective. Sound feasibility analysis is difficult and makes or breaks many products. Failure to accurately estimate the costs of initial development, testing, prototyping, and finally, manufacturing can cause the right idea to go badly. The most crucial issues to consider include:
- Complexity of the technical design
- Staffing requirements, especially in light of existing staff and duties
- The materials, energy, and equipment needed
- Management requirements vs. capabilities and availability
- Supplier relationships
- Requirements for regulatory approval
- The potential need for new quality-control standards
- The need for new vs. existing sales and distribution channels
Another issue to be considered is the strategic positioning of
each new idea. For instance, it will be critical for you to assess
how new intellectual property based on the new idea will relate
to other IP that's already been established. This process will involve
not only identifying what's already been patented (or otherwise
protected by IP), but also identifying trends in applications. There
may be an opportunity for a new idea to lead to IP that can be strategically
developed to "block" or inhibit the development of competing technology.
The United Inventors Association's website has posted an informative
article for new inventors, "The
Most Common Mistakes First Time Inventors Make."
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