In this week's post, we share our updated Innovation Research Framework. Our seven-step framework that we have used extensively in our client work is designed to develop, process and prioritize innovations for monetization. As with any such process, it needs to be customized to each organization's unique situation, but the essential steps are featured, and at a minimum, it will serve as a checklist to ensure that new innovation ideas have been fully market vetted.
As we conclude our recent round of executive opinion interviews on the outlook and strategies companies across several industries will employ for 2024, one trend we are picking up is that business leaders, especially in technology, expect more innovation to be incorporated into their products, both as product extensions and as updates to current customer experiences. This is precipitated by both more ebullient market expectations for 2024 than they had at the beginning of 2023, and the availability and expectation to incorporate AI-based features into their product experiences (if you are a subscriber, you will receive an invitation to download your complimentary copy of our benchmark report in the next few weeks).
To this end, we expect we will be using this framework more extensively in our client work in the new year and want to share it with you. We have included it as a fully editable downloadable one-slide PowerPoint infographic for you-hope you find it useful as you gear up for 2024!
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Alan Nazarelli is Founder & CEO of Silicon Valley Research Group. Based in San Jose, CA with offices in Seattle and New York, the company works with the world’s most innovative brands to provide timely and actionable market intelligence and strategic guidance to enable them to make well-informed decisions to positively impact revenues and profits and to achieve their growth targets. Connect with Al on Linked in