For the last few years I have been trying to create a simple model that allows individuals to assess the commercial viability of business opportunities and innovative ideas – irrespective of where this idea is created (university lab, industrial R&D department, current employer or our bedroom) I think there are three primary drivers that need to be assessed and considered when evaulating new ideas. Here are my thoughts:
Commercial drivers (CD)- who is going to buy the idea/service/product and how do you get it to market?
Human factors (HF) – who is going to make it their job to get it out there – and is there a team that can make it happen?
Resource Issues (RI) – have we got the finance, IT, plant and equipment along within physical resources needed to make it happen?
I score each idea on a 1-10 scale in each area. (I have some more detailed sub questions to each area and I have over simplified the above). I work on the basis of successful mind to market – creating a sustainable revenue stream is down to CD x HF x RI – top score is 1,000 (10 x 10 x 10). In a very crude way it gives me a feel for whether I want to pursue an idea or not. If any score is zero then its back to the drawing board.
So much emphasis is on CD……but as I said earlier this week – HF needs to be given the attention it deserves !!!!