Presentation on theme: ""Turning Innovation into Ingenuity & Profits" Pat Adamson May 12, 2008 CCQH Leadership Club Webinar."— Presentation transcript:
"Turning Innovation into Ingenuity & Profits" Pat Adamson May 12, 2008 CCQH Leadership Club Webinar
You have a DREAM! You have passion for this innovation You recognize that YOU will make this happen!
This innovation may be: A marketing company A sales company A restaurant An invention by you or someone else A service Or a myriad of opportunities
Refine this innovation : What exactly is my intention? Is my product market-driven (i.e. others demand it) Is it invention-driven? (I had a great idea)
Refine this innovation: What resources do I need to get this done? Knowledge Intellectual Property Team
Refine this Innovation What is my timetable? Clearly understand how long before you can sell! Develop the concept / product / service Capital Alliances
Create a short, concise and clear business plan Determine the viability of this concept
Determine the Viability of this Concept Research the markets If market-driven, determine market size, distribution If invention-driven, do others understand? What will people pay? What ratio can I garner 2X or 5X my REAL COST How will I gather my resources? Is it ATTRACTIVE TO OTHERS?
If this company is market- driven, determine what skills are needed to create the product or service the public is demanding.
If this company is invention-driven, investigate the proper intellectual protection you need and determine how to sell your idea to the public.
Assemble the Team // Determine your real skills / do not lie to yourself Identify the skills you dont have but need NOW!
Assemble the Team Determine how you will engage these additional people Equity Cash Combination of Cash & Equity
Assemble the Team Consider alliances with existing businesses Above all, BE CREATIVE and FAIR Agree in writing with signed contracts before they start
Create the Product /Service Sell value! Not Price! Integrity always brings return customers
Create the Product/Service Never stop improving the product or service based upon the market Determine the optimum distribution channels
Dont Delay Change To the product/service To the distribution channels To your employees Always take problems to the source!!
EXECUTE Take your short business plan and try it With your team, carefully change the plan as you get smarter AS appropriate, create a more detailed plan Try it / Iterate as the market dictates. AS appropriate, create a more detailed plan, etc.
Although not always true, success is 90% perspiration and 10% inspiration.
To succeed, you must persevere with market savvy attitudes.
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