You innovate, and at the beginning you're alone with your ideas…What will be the things that change everything? The breakthrough in what you're building, the capital you need, the promotion that creates the required awareness…?
What's at stake in the innovation? If it's not earth-shattering, shall you find another one? What's at stake for you personally? Do you feel you could skip the project…you're not sure whether you should devote months/years of your life building…? You hear your inside telling you to avoid…?
You fear using your best days to create something that you're not sure whether it works and sells is waste of time? You fear putting months/years of blood, sweat and tears and getting nothing in return?
Wait a little, things may not change over night and it may be a great strategy to focus on the steps. It's about the right scope, the right market segments, right timing and the right financing. Barriers to enter those who care have been marginalized years ago…
Innovators don't play it safe?
Do you want to sell your innovation on proposal? Would you disclose your great ideas in advance? Or just jump over the fences: do it and sell it? Be an innovator for the big returns?
Why not both?
Uncertainty and Optionality
Quantify your innovation projects under uncertainty. Real option valuation tools will help you maximizing the value of your innovation project…they help you to be practical. It's not only one catch…