This is a space where we bring to you thoughts on how to create enterprising innovations. In other words, how to take your products from labs to market successfully.
Innovations are tough. But tougher is to get people to accept it. There is no single method that ensures success of a product. Some will state that doing market research before starting is THE most important step towards success.
Some will suggest “lab to market (test market) then back to labs (improvise) to market (final launch)” should be the method. But for someone who got the idea to create a technology, this is far from what he/ she would like to do. An eureka moment doesn’t wait to understand the market in commercial terms.
So, what will make your product commercially successful? The most available information forms the basis of many decisions, and is not based always on evidence.
Is this the right approach? Let us explore and find out the best practices to create a commercially successful innovation for the industry.