Innovation Funnel
The Innovation Funnel: from ideas to impact
A process that manages innovation from idea generation to implementation, with various stages of selection and development.
GOAL
Provide participants with a systematic and structured approach to managing innovation, ultimately increasing the likelihood of innovation success.
TOPIC:
DIFFICULTY:
Easy
The Innovation Funnel is a valuable tool for organisations that want to manage innovative ideas and effectively increase their chances of success.
What is an Innovation Funnel?
An Innovation Funnel is a tool or process to ensure that only the best ideas are implemented. It evaluates innovative ideas in terms of feasibility to launch only the best products, processes, or business models on the market.
How to Use the Innovation Funnel
The Innovation Funnel can be developed by following these steps:
Idea Generation: gather a wide range of ideas through brainstorming, crowdsourcing, surveys, or open innovation platforms.
Idea Screening: evaluate and filter ideas based on criteria such as feasibility, goal alignment, and potential impact.
Concept Development: refines selected ideas into more detailed concepts or prototypes.
Testing and Validation: conduct rigorous testing and validate concepts through experiments or pilot projects.
Implementation: transform validated concepts into tangible innovations.
Market Launch: introduce innovations to the market.
Benefits of the Innovation Funnel
A systematic and structured approach to innovation management.
Efficient use of resources.
Increased likelihood of innovation success.
Better alignment with business goals.
Continuous improvement of the innovation process.
Examples of Using the Innovation Funnel
Google: with the "20% time" policy that encourages employees to dedicate part of their time during the week to innovative projects.
Tesla: with the development of electric vehicles, from idea to market launch.
