001: Getting from Idea to Innovation

This is a quick episode about taking your ideas to innovation. Innovation is invention plus commercialization. To be on the road to a great innovation requires the following:

1. A breakthrough
2. Strong desire and drive
3. A great idea

We discuss the conventional notion of the PUSH of technology in opposition to the PULL of the market. Also, the importance of testing your idea to know when it works. The big takeaway is to FOCUS. (Hint to Focus: The Karate Kid). Listen to the episode to learn more.

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TRANSCRIPTION:

I am Aurelia Mitchell Durant your host for this episode in this episode we will discuss ideas and innovation. Just to recap the last episode was 0 0 0 and was our opening episode about your host yours truly and the theme of the IS MY BRAND PROTECTED? podcast. Today we're going to discuss taking your ideas from mere ideas to innovation. What is an innovation and innovation invention? Plus commercialization. What that means is your idea turns into a structured innovation that has a commercial purpose either existing in the marketplace now are coming to the marketplace in the future. If we had our crystal balls. Here's a quote from Steve Jobs the founder of Apple computers. Sometimes when you innovate you make mistakes. It's best to admit them quickly and get on with improving your other innovations. That's from Steve Jobs. In order to be successful in business, there are three requirements and they might be debatable but their requirements nonetheless. Number one do you have a breakthrough. Are you solving a problem? Are you meeting a need to? Do you have a strong desire to match with an equally strong drive? Do you have an idea? Now that's where we're going to spend some time today. It's a good idea to think about the classification of your idea conventional belief is that there is a technology push in opposition to the markets.

How do you know the difference? Well, when you hear a statement relative to an idea that goes like this I've seen this problem. That's an example of a market pull. Examples are personal fitness education and sports. Now when you hear a statement like this I have this tech here that I think the market would love. That's an example of a technology push. Examples are voice recognition sensors and GPS. Those are things that come into the market where your business commercialization is making it desirable that the market wants it but it doesn't exist right now. That's the distinction between a market pool and a technology push how do you test your idea. Well, you can brainstorm - brainstorm by yourself brainstorm with your friends or you can set up a formalized focus group. Now with focus groups, it's important to formalize the focus groups so that everybody knows that this is for a particular purpose and it's to drive the ultimate innovation. You can also implement your idea and then be prepared to pivot if that doesn't work the way that you anticipated there is in the market drive for that particular idea. You pivot to another version or another formation of that idea.

The take away is to classify yes but let the ideas flow now and don't get hung up on how great they are to start. Have an end date in mind for your idea discovery so that you don't procrastinate. Once the end date has arrived. Implement your idea to see if it is sound and if it does not pivot onto something else. If the idea is sound protected and implement it, stick with one idea at a time. Sure we all think that we can multitask but according to the American Psychological Society doing more than one task at a time especially more than one complex task takes a toll on our productivity. So focus. My favorite quote from the Karate Kid is where Mr. Han says to the karate kid. You must focus Jaden Smith's karate kid says I have great focus when their focus is put to the test Mr. Han tells him. You failed the tests but your focus needs more focus. So my friends focus on your innovation of laser precision. Thank you for listening to this episode of The IS MY BRAND PROTECTED? podcast. Be sure to subscribe comment and visit us on the web at www.amdlawgroup.com. Safeguarding Your Dreams by protecting your brand. Thank you for listening.