Currently accepted wisdom: An invention is different from an innovation at any time, as it does not have commercial value.

Q1: How do you a get a group of entrepreneurs to focus on innovation?

Q2: How do you get the invention(s) to actually become innovations (ie: make money)?

Q3: How do you get the group to buy into one person’s vision? (yours)?

Q4:  Can this backwards model really work? Or is it really backwards?

The set up for these questions is not your medium or large sized corporation with those much talked about ‘silos’ where many of you struggle to introduce innovation; but a small start up company with a group of entrepreneurs who have created several inventions, with working models, and obvious interest from several markets and customer “must have” indicators.  And they’re out of money

You, the business consultant, or potential CEO, are retained (for equity pay) to help the company find money; in other words, take what seems like complete chaos to any normal investor and make the ‘start up’ into a real business and an attractive investment.  We assume in our scenario that there are strong indications of correct timing and market acceptance, yet no real formal market research has been implemented. We also assume you are hooked on making the start up a success by turning the invention(s) into something with commercial value. This has been a process of inventing something(s) and then finding , or hoping to find the market (or making the market), rather than analyzing what the market needs and then creating the product(s) to fit the need(s) and solve the pain….backwards?

I would like to know from the #innochat participants: how would “you” answer the above questions and any others you might think of? Also, anyone in the chat, or anyone who has experience in this area; please feel free to comment ahead of time, or join us in one of the most enlightening ‘innovative’ chats on twitter.  @Renee_ Hopkins will moderate.  August 19^th 9AM PST (NOON EST)

CASUDI

PS: What is a customer “must have” indicator?

ADDITIONAL READING

• What are the key characteristics or competencies of a great innovator?
• Product Development Stages

Image from “The Global Small Business blog ” with thanks.

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