You have a truly innovative product or idea that you're ready to bring to market! Congratulations. Here are some pitfalls to avoid so your innovation doesn't fall flat out of the gate.
Lack of market demand
Some innovations may not align with the needs or wants of potential consumers/customers, making it challenging to bring them to market. Make sure you have product market fit!
Lack of resources
Many individuals and organizations struggle to secure the funding, personnel, and materials needed to bring their innovation to life. If you don't have the right resources in place it will take you longer to get to market (if at all) and someone may beat you there. It is worth bringing on the right talent early, even if it costs you.
Inadequate planning
Innovations often require extensive planning and research to ensure that they are feasible, sustainable, and profitable. If you have experts working for you, listen to their concerns on timing and feasibility. Give yourself plenty of time to meet customer commitments so you don't ruin your reputation on being able to deliver.
Technical Challenges
Developing and testing new technologies can be difficult, time-consuming, and require specialized expertise. Make sure you have the right people in the right chairs. Freelancers and agencies can be great ways to increase your workforce without having to commit to full-time staff.
Competition
The market for innovations can be highly competitive, and standing out among similar offerings can be a challenge. A marketer can help you identify your messaging while bringing it to life visually with a talented designer. Good marketing can be underrated by first time entrepreneurs, but remember visuals (advertising, social media, packaging, etc.) is often how your consumers/customers will find and interact with you.
Regulation
Navigating the complex regulatory landscape can be a barrier to the development and implementation of many innovations. What's worse, is if regulatory compliance becomes an issue for you after you developed an item, content, or packaging. Rework is more expensive then doing something right the first time.
Resistance to change
Innovations often involve significant changes to existing systems and processes, and some individuals and organizations may resist these changes. It is important to identify why people are resistant to change. It is often less to do with their personality and more to do with a concern they see with the change. If you can address concerns head on, you can minimize resistance.
If your ready to bring your innovation to life, check out our blog on how to bring them to life!
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