Being an innovative organisation cannot be left to plain luck and hoping for the brilliant ideas to pop up occasionally. To make sure that innovation is a continuous process delivering new products and services on a regular basis, an innovation funnel is required. The innovation funnel provides organisations with a staged process for innovation. It makes sure that a large number of ideas are generated that will be selected and further developed in a rigid manner. Stage gates between the stages select the ideas that are developed further to ensure that the organisation gets maximum revenue out of its innovation activities.
The Innovation Funnel is a sequence of development stages, with intermediary selection gates.
- Ideation
- Concepting
- Analysis
- Development
- Launch
- Evaluation
Innovation Factory can help you set up an Innovation Funnel tailored to your organisation.