There are several reasons why many great innovations never reach the market. Seemingly outstanding ideas never become products, and even if they do, they do not achieve market success. Oftentimes, the lack of funding plays a big role in ideas getting stuck in the planning or development phase, but it is certainly not the only contributor to failure.
Innovation can be blocked from within, by the ineffectiveness of the organization (poor project management and no clear project owner; conflicting priorities and interests; outdated practices; ideas not fitting the competencies of the company), but also by the outside stakeholders (consumers resisting new ideas and products; being reluctant to adapt to changes; the difficulty of finding suitable suppliers and partners; or strong competitors aggressively protecting their market).
Creative ideas are relatively easy to think of, but when the goal is market success, there are practical issues that need to be faced (how can it solve an existing customer problem; how can it be developed in a cost-efficient way; how should it be marketed to make it profitable) and the execution might just be the hardest part of the process. Research teams need to identify and get familiar with the skills necessary to turn their innovation into a marketable product.
Our consortium partners come from various business fields, have years of experience in identifying potentially successful innovations, and helping them overcome the obstacles appearing on the road to the market.
Our Knowledge Pills & On-demand Training services can be beneficial to companies that have a desire to learn all the practicalities that are needed for a product launch and profitable operation. Our knowledge pills on Finance help in understanding business models, writing an effective business plan, as well as providing a financial modelling training. The Marketing training covers everything from pitching and creating a marketing plan to UX/UI. The knowledge pill on Project Management introduces agile and lean practices, while we also give Legal advice on Brand Protection, which is essential for your innovation.
Do you think your H2020 or FP7 project would benefit from these services? Apply on our website to receive more information!
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The Innovation Radar (IR) is an EC initiative focused on the identification of high potential innovations and the key innovators behind them in FP7, CIP and Horizon 2020 projects. It supports innovators by suggesting a range of targeted actions to assist them in fulfilling their potential in the market.
This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 779990