Content area
Abstract
Ideas are commodities, but innovation is about finding and validating the business opportunity that both the leadership of the organization and its culture embrace and commit to, and that is connected to its business strategy. Today in health care, successful innovation is about both predicting and observing patients' wants and needs, and satisfying them with new products and services. During management consulting work with multiple organizations in industry, academia and government labs, a 12-step process to increase the success rate for implementing innovation and creating new revenue streams were developed and applied. 1. idea generation consistent with the strategic plan, 2. concept development and initial testing, 3. seven-step opportunity evaluation, 4. model opportunity, 5. business opportunity assessment, 6. market validation, 7. revising of business opportunity assessment, 8. finalizing the commercialization plan, 9. completing the business plan, 10. soliciting feedback and revising the business plan, 11. presenting the business plan, and 12. executing the business plan.