There is no simple recipe as each innovation has unique features and needs to progress. At its core the following elements are involved:
Voice of Stakeholder (VoS) – ‘Live’ global feedback and analysis derived from telephone/zoom interviews from the stakeholders within the target sectors of interest. At the outset, the VoS process is likely to address and provide data essential to the following:
Recorded Data – The VoS process is an ideal opinion-based means of gaining a sense and verification of the need, what the solution should look like in terms of configuration, as well as the likely route to market. To quantify the market, analysis of recorded data is also required to provide an evidence base to verify the opinions cited by Stakeholders.
Simply knowing the value of an innovation in a simple 'the market is worth X and growing by Y' manner is not sufficient for commercial progression. One has to understand deeply the underlying dynamics inherent within the market in question to develop a strategy to gain commercial traction. This is a specialism within Dawn Hutton Ltd, and is why we were established.
There is in realty no right or wrong answers to this question. This is due to four factors:
Each factor is important and requires to be in place for success as much as possible.