{"id":9273,"date":"2016-03-22T10:00:09","date_gmt":"2016-03-22T09:00:09","guid":{"rendered":"http:\/\/hatrabbits.com\/?p=9273"},"modified":"2023-11-21T17:12:51","modified_gmt":"2023-11-21T16:12:51","slug":"how-to-innovate","status":"publish","type":"post","link":"https:\/\/hatrabbits.com\/en\/how-to-innovate\/","title":{"rendered":"How to turn an idea into an innovation"},"content":{"rendered":"
[vc_row][vc_column][vc_column_text css=”.vc_custom_1658845369975{margin-bottom: 0px !important;}”]So you have a creative\u00a0idea. Great! You might be sitting on a gold mine. So… now what? What’s next? How do you get\u00a0your\u00a0original<\/strong> insight to work for you? In this article, I share 6 steps that help to transform a creative idea into a business idea and make it profitable.<\/strong><\/p>\n

1 ) Ask customers<\/strong>
\n<\/strong>First, explore if there is a real demand for your idea. Too often people are putting time and effort into an idea that nobody really cares about. If you are wondering if you stumbled upon something valuable, ask (potential) customers. In the end, they are the ones that will determine your success.<\/p>\n

If you already have customers check if they are willing to pay for your new product or service. If they do see value in your idea, try to figure out why they like it. Never assume. Always double-check. Sometimes customers like your new idea for a different reason than you might expect. They might even help you to develop a better proposition.<\/p>\n

Never\u00a0talk about money, instead talk about value. What do your customers gain from your idea? What\u00a0problems does your idea solve? What value does it create for them? Let your customers\u00a0do the talking. Don’t try to sell them anything,\u00a0just investigate\u00a0if there is a\u00a0need for your idea.<\/p>\n

If you don’t have customers, try a different approach. You could for example set up a Google ad campaign or use crowdfunding to check if there is a demand for your product or service.<\/p>\n

2 ) Build\u00a0a prototype<\/strong>
\nAn idea is nothing. Before you do anything else, make your idea tangible<\/a><\/span>. Ideas should be made concrete right away. The reason why ideas almost never see the light of day is because they are kept in the mind of their creator. Don’t be shy. Give your idea a name and a face. Make a drawing<\/a><\/span>,\u00a0create a storyboard, use role-play, write a script, create a video etc. Use clay, tape, paint, paper, Lego bricks, whatever you can get your hands on.<\/p>\n

Even the most abstract concepts can be made concrete. Don’t fall in love with vagueness. If you want to\u00a0be an\u00a0innovator, learn to make things visual. Great ideas are\u00a0like legendary stories, their synopsis can be explained in only one or two sentences and often\u00a0even in one key visual.<\/p>\n

3 ) Share your idea
\n<\/strong>Since you now have developed a prototype, it’s time to put your idea to the test. Share it<\/a><\/span> with the world. Yes, people will laugh at it, and they probably will make fun of it. However, this will only make your ugly baby stronger. No idea is born perfect. Don’t hide\u00a0it simply because it’s too fragile. Put it out there and collect feedback. How can you make it stronger? What is good about this idea? What can you add to it? What can you remove? How are people responding to it? What do they like or hate about it? How are they interacting with it? Collect feedback and go back to the drawing board.<\/p>\n

4 ) Develop an MVP<\/strong>
\nPrototyping is a great method to explain an idea. It also allows you to collect feedback and might lead to great ambassadors. However, usually you’ll need to take your idea one step further to earn money with it. Working towards\u00a0a Minimum Viable Product (MVP) is a great way to develop something valuable with minimal resources. What’s the minimum your customers are willing to pay for? What’s the simplest\u00a0version of your idea that you can charge people for?<\/p>\n

Reid Hoffman, the founder of LinkedIn, once said:\u00a0\u201cIf you\u2019re not embarrassed by the first version of your product, you\u2019ve launched too late\u201d.<\/p>\n

5 ) Use\u00a0a\u00a0Business Model canvas<\/strong>
\nThe business model canvas has become quite trendy and not without reason. It’s a great tool to make your entire business clear in one single ‘slide’. The canvas helps to bring clarity to the abstract part which is the business side of an idea. The method exists out of 9 building blocks that you can use to get a better understanding of the potential of your idea.<\/span><\/p>\n

Start by defining your customer segments<\/b>. Map out who you want to serve and what their needs are. Who are they and what\u2019s missing in their lives?<\/span><\/p>\n

Go back to your idea.\u00a0What is the value proposition<\/b>? What added value does it deliver? What is its unique selling point? What makes your idea so different?<\/p>\n

All\u00a09\u00a0steps are explained\u00a0on the business model canvas<\/a><\/span>.\u00a0The first two steps that I just described are crucial for your ideation\u00a0and proposition and have their own\u00a0canvas<\/span>.<\/a> Try to generate as many business model canvasses as possible. Try to find several ways in which your idea can earn you money. (Sell data, collaborate with other companies, use it as a lead-generator etc.)<\/p>\n

6 ) Develop\u00a0a product roadmap<\/strong>
\nAlways\u00a0think ahead and consider what the next versions of your idea might look like. What’s your ambition and vision? What is the potential of your idea? If you want to sell your idea to your customers, your CEO\u00a0or your team, make sure that you can paint a vivid picture of where you are going.<\/p>\n

Think in versions and in results. Always measure your actions. Name every new version, give it a deadline, describe its new features, define what you want to achieve and define how you are going to measure its success.<\/p>\n

Work agile and keep your eye on the horizon. Know where you’re going. Or to use the words of ad-man Paul Arden; “Without having a goal, it’s difficult to score.”<\/p>\n

 <\/p>\n

Do you want to know more about how to innovate? Don’t hesitate to contact us. You can reach us via hello@hatrabbits.com<\/a> or you can call us on 010 30 70 534.<\/em><\/p>\n

Like this article?
\n<\/strong>If you enjoyed reading this article, feel free to share it with your network by hitting one of the\u00a0buttons below. This way other people can benefit from the article as well.<\/em><\/p>\n[\/vc_column_text][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"

How to turn a good idea into a business… Here are 6 steps that will help you to transform a creative idea into a business idea, and make it profitable.<\/p>\n","protected":false},"author":1,"featured_media":9291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[197],"tags":[729,725,727,626,724,726,545,656],"class_list":["post-9273","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-innovation","tag-business-idea","tag-business-model-canvas","tag-customers","tag-implementation","tag-mvp","tag-product-roadmap","tag-prototype","tag-selecting-ideas"],"acf":[],"yoast_head":"\nHow to turn an idea into an innovation - HatRabbits<\/title>\n<meta name=\"description\" content=\"How to turn a good idea into a business... 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