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Objective:
Innovation Criteria
Deliver
To ensure the success of a new product o
Objective:
Innovation Criteria
Deliver
To ensure the success of a new product or service in the business world, it is important to find the innovation sweet spot. This refers to the intersection of four key criteria: Desirability, Viability, Feasibility, and Integrity. Board of Innovation, an innovation consultancy, wrote a well-known blog post on this topic, which has become a common reference for businesses seeking to launch new products or services.
Read more here: https://www.boardofinnovation.com/blog/how-to-hit-the-innovation-sweet-spot/Links to an external site.
Image source: Board of Innovation
Desirability: The degree to which a product or service is appealing, attractive, and valuable to the target audience or consumers. It involves understanding and meeting the customers’ needs, wants, and preferences, and creating a user-centered design that addresses their pain points and provides a compelling value proposition.
Viability: The ability of a product or service to be financially viable and sustainable over time. This involves assessing the potential profitability, revenue model, market demand, and competitive landscape of the product or service.
Feasibility: The degree to which a product or service can be realistically developed, implemented, and maintained. It involves assessing the technical, operational, and resource requirements of the product or service, as well as the potential risks and challenges associated with its development and implementation.
Integrity: The quality of being honest, ethical, and trustworthy in the development and implementation of a product or service. It involves ensuring that the product or service is designed and implemented in a way that meets ethical and legal standards, respects user privacy and data protection, and does not harm the environment or society. It also involves maintaining the integrity of the product or service over time by addressing and fixing any issues or concerns that may arise.
This week, you’ll be evaluating your final solution even further using this innovation criteria. By evaluating a solution using innovation criteria, businesses can increase the likelihood of success and reduce the risk of failure, as well as ensure that the solution meets the needs of the users, aligns with the business objectives, and is developed in a responsible and sustainable manner.
Submit Innovation Criteria Summary
For the Innovation Criteria assignment, you will submit a summary review of your final solution based on all four innovation criteria:
desirability
viability
feasibility
integrity
You will evaluate your final solution based on how well it meets these criteria. Remember how you are building your argument for your business case and these analysis will support your rationale and selection. Please keep in mind that this is a mock solution, and you should consider factors such as budget constraints, depending on the context of the organization, such as a startup, non-profit academic institution, or pharmaceutical organization.
Submit online or as a .pdf (500 words max)
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