A Great Idea is Not Enough
- Thomas Edison invented the light bulb. That in itself was an accomplishment but how electric light service reached households is a story of true innovation.
- Curing polio was a vision of Dr. Jonas Salk. He was successful in developing a polio vaccine, one of the most significant biomedical advances at that time.
- Clarence Birdseye’s idea to flash freeze food.
One of my favorite innovation stories is about the invention of 3M brand Post-it Notes®.
They are small (originally) note papers with sticky backs that are today used by just about everyone. It was invented by a chemist who specialized in adhesives technology at 3M Central Research Labs. What is especially interesting is the fact that Post-it-Notes was a product of failed experiments intended to make extra strong adhesives. It is a product with low adhesive capabilities that could be removed and reused. 3M initially had no interest in such a product. It was viewed as having no market.
Some years later, a fellow 3M chemical engineer (in 3M’s tape division) heard of the low adhesion glue. He needed to replace the bookmarks he used in his hymnbook. He applied the low adhesive glue to small strips of paper and made bookmarks. Yes, a new application…originating from a failed adhesive development program that had the intent of developing a super strong glue.
3M’s Post-It Note’s story is an example of the need to bring together idea creativity, innovation, and decision making. The product / service solution is not always initially obvious, in fact it could be an accidental revelation.
In reality, they had invented a new way to be organized and to communicate. The story goes that 3M used canary yellow paper because it was scrap paper available at the time. Today, product extensions (colors, sizes, applications) are a testimonial to the popularity of 3M’s Post-It Note.
3M’s Post-it Note was a product that nobody originally thought had a commercial market. In fact, original test markets (in 1977) did not produce encouraging results. However, its characteristic (of NOT being a product that permanently adheres) has a huge commercial following and customer loyalty. Quite a revelation for 3M, a company famous for creating strong adhesives.
Finding a way to develop and implement a vision is what makes the world of solutions possible. So often, (especially while serving as the Executive Director of the iconic Enterprise Development Center (EDC) at New Jersey Institute of Technology (NJIT), I have been presented with very imaginative ideas. (The EDC worked primarily with startup and expansion businesses). Most likely it was an app or some other kind of product or service offering. Certainly, this is a start of a business model idea. The challenge this coach had was getting the business’s CEO (and his/her team) to focus on:
- The depiction of the idea as a business, not just a technology
- Assembling a total business plan / view of how the idea will be developed, manufactured, sold, serviced and supported by their organization to create a sustainable business model leading to a competitive advantage.
- Developing a VALIDATED customer value proposition around the idea
- Focused on the customer perceived value and benefits vs the features and functional capabilities of the idea.
An idea without a blueprint (Business Plan) and a clearly defined path for launch and maintaining operations will not succeed. A business transition framework is needed for strategic creation and tactical execution of an idea. Let’s touch on some of the most needed embedded synergistic aspects:
- To develop compelling strategies with executable tactics
- To have relevant, resilient short-term and longer-term continuity as a growth priority
- To operate in a culture of innovation and value-added thinking
- To define how your business will execute business plans, operate and bring in a monetary return.
- To establish key tracking activities and dependencies
- To maintain a strong brand presence with a loyal, trusting following
- To operate with relevant, resilient customer engagement practices
- To prepare for possible pitfalls with courses of correction
In summary, a business idea must bring value to your customers, value to your business and partners (operationally and financially), while adding to your business’s competitive advantage and lifecycle durability.
Jerry Creighton, Sr, MBA, is head of The Creighton Group, LLC and author of the book The Quest for Durability (MENTOR BUSINESS BOOKS/Bricktower Press). In addition to his corporate and business ownership experience, he served as the Executive Director of New
Jersey Institute of Technology’s (NJIT) Enterprise Development Center …renamed VentureLink…, a 90-plus-company business incubator/commercialization center.