Let’s check the whole way that you have been through until now.
- Understand what it is an open innovation process and why you should choose this path;
- What are the types of projects that you can run inside your company;
- The elements that compose the innovation strategy;
- How to identify the startup that fits your project;
- How to run a PoC (proof of concept);
- And how to build an opportunity.
With all this content, you can ask, what else do I need to continue the path to the open innovation strategy?
It’s time to sell the project!
Now, you have to create a compelling case so the board can evaluate and buy the idea.
In the previous stage, you have made the first evaluation of the opportunities to align with the company’s strategic objective and measure the ones with the most significant return potential.
After talking to other business areas to investigate real possibilities, you should engage these teams in the potential opportunity.
Still, these opportunities are not ready to be presented to the people who will aprove the project. Moreover, at this stage, you are likely not yet prepared to answer your questions correctly, which may put you to lose all the work conducted so far.
In the following articles, I’ll show you how you can delve into relevant topics of an opportunity to create objective material. As a result, you will present an easy to understand project to decision-makers without leaving many questions about the process.
Keep in mind that the opportunity may prove less stable during the development of the topics than it seemed. If this happens, don’t worry, but be careful to go back and remove the idea from the company pipeline while you can do so without causing any loss.
To build a highly effective case, you will use a sequence of frameworks that will help produce enough evidence to move forward or, if applicable, give up taking the idea to the company board.
The preparation of this material requires some meetings of the innovation team with other business areas to discuss the opportunity and possibly raise some issues. You must go further on your research; you have to go beyond the startup’s website.
The team should schedule meetings with startups, request demos, request a product deck (product presentation to run internally in the company), replicate questions from business areas, and ask questions.
This process may seem laborious, but it will save time in the future by already addressing engagement with business areas and improving your reputation with the company’s decision-makers.
Just out of curiosity, in my experience, the most efficient project was at this stage, was in a month to work ten opportunities for a steel corporation. It was only possible by using the Innovation Intelligence platform to capture trends, find startups and update the earlier frameworks.
Next time, we will dive into each of the steps mentioned in the image above.