{"id":1486,"date":"2016-03-22T18:35:40","date_gmt":"2016-03-22T18:35:40","guid":{"rendered":"https:\/\/blog.planview.com\/?p=1486"},"modified":"2022-04-05T16:03:57","modified_gmt":"2022-04-05T21:03:57","slug":"ideas-are-cheap","status":"publish","type":"post","link":"https:\/\/blog.planview.com\/ideas-are-cheap\/","title":{"rendered":"Ideas Are Cheap"},"content":{"rendered":"<p><a title=\"Innovation Front End\" href=\"https:\/\/www.planview.com\/products-solutions\/solutions\/product-innovation-portfolio-management\/product-innovation-management\/\" target=\"_blank\" rel=\"noopener noreferrer\">The front end of innovation focuses on the ideation stage<\/a>. It is a place of creativity, crowdsourcing, and collaboration. It involves sticky notes, labs, interviews, and sometimes arts and crafts, all in the name of capturing the voice of the customer to deliver \u201cthe next big thing.\u201d The right-brained people in the room absolutely LOVE this stage.<\/p>\n<p>There are super-sexy software tools that abound in the marketplace to support this stage. They are Facebook-like in usability and (almost) everyone gets very excited about submitting ideas and voting on them to see the winners. Companies brand these solutions with clever names and celebrate ideation program launches with great color and flair.<\/p>\n<p>But tell me why has it been reported that the average performing companies in the industry only have a 45% success rate for the 3-year commercial success of launched products? That is a terrible return on your investment \u2013 essentially 50\/50 odds! And the story is even worse for the bottom performers in the industry with only a 24% product launch success rate. That stinks!<\/p>\n<p>There are dozens of factors that influence the successful launch of a new product, but I\u2019ll share my top 3 front-end-focused truths:<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/blog.planview.com\/ideas-are-cheap\/#1_Ideas_Are_a_Commodity\" >1. Ideas Are a Commodity<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/blog.planview.com\/ideas-are-cheap\/#2_Ideas_Alone_Are_Not_Enough\" >2. Ideas Alone Are Not Enough<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/blog.planview.com\/ideas-are-cheap\/#3_Ideas_Without_Resources_Are_Just_Pretty_Sticky_Notes\" >3. Ideas Without Resources Are Just Pretty Sticky Notes<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"1_Ideas_Are_a_Commodity\"><\/span>1. Ideas Are a Commodity<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Here\u2019s the thing: Most companies actually DO have plenty of ideas. What they don\u2019t have are the RIGHT ideas \u2013 the breakthrough ones that will truly change the game and create new categories where their competition can\u2019t touch them. Pipelines are often crammed with line extensions, safe bets, and \u201cme toos.\u201d That\u2019s not innovation. Filling the funnel with more of these time\/money\/resource-wasters will not help you achieve your company\u2019s growth goals. They just clog the pipe.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"2_Ideas_Alone_Are_Not_Enough\"><\/span>2. Ideas Alone Are Not Enough<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>My favorite quote is: \u201cInnovation is rewarded. Execution is worshipped.\u201d It highlights the fact that capturing good ideas is great, but that\u2019s not the hard part. Getting projects through the funnel and winning products out the door is. Innovation teams get enamored with the visual appeal of these front-end ideation tools and call it done. The challenge that we see and industry analysts confirm in their <a href=\"https:\/\/www.planview.com\/products-solutions\/solutions\/im-innovation-management\/\">innovation management<\/a> vendor research is that most ideation tools have one major flaw &#8211; no execution. All guts and no glory. All bark and no bite. Just like the gated idea to launch process, companies need an end to end solution.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"3_Ideas_Without_Resources_Are_Just_Pretty_Sticky_Notes\"><\/span>3. Ideas Without Resources Are Just Pretty Sticky Notes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The number one pain point we see across the board year after year is there are too many ideas and projects for the number of resources. (Just check out the <a title=\"Fourth Product Portfolio Management Benchmark Study\" href=\"https:\/\/go.planview.com\/product-portfolio-management-benchmark-study.html?tactic=blog\" target=\"_blank\" rel=\"noopener noreferrer\">Product Portfolio Management Benchmark study<\/a> and read the findings for yourself.) If your company suffers from this affliction, stop focusing your innovation dollars on ideation. Filling the pipe with new ideas is not your problem. Creating capacity for innovation and ensuring projects are properly prioritized and executed with the right resources is where you need to focus your attention.<\/p>\n<p>Planview recently partnered with CIMdata to present a new model for Enterprise Innovation Management (EIM). An important theme arose from this research and <a title=\"Innovation: A Cautionary Tale of Fragmented Processes and System\" href=\"https:\/\/go.planview.com\/cimData-enterprise-innovation.html?tactic=blog\" target=\"_blank\" rel=\"noopener noreferrer\">subsequent webcast<span class=\"sr-only\">, Innovation: A Cautionary Tale of Fragmented Processes and System<\/span><\/a>, namely that ideas are a cheap commodity, a dime a dozen.<\/p>\n<p>Yes, ideas are necessary for a healthy commercialization process and supporting software tools are critical when your problem is missing the voice of the customer or a roadmap that is lacking differentiated products scheduled for launch. But don\u2019t confuse ideation with innovation. Filling the pipeline with MORE ideas will not result in improving your odds at delivering successful, innovative products to market. (We call this the shotgun approach and it doesn\u2019t yield great results.) Ideas can come from lots of places, but are worthless if you don\u2019t have the resources to execute them.<\/p>\n<p>Discover what other product development professionals are saying about ideation in the on-demand webcast titled <a title=\"Webcast: Pivoting from Innovation Pain Points to Bottom Line Results\" href=\"https:\/\/go.planview.com\/5th-benchmark-webcast.html?tactic=blog\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Pivoting from Innovation Pain Points to Bottom Line Results: The Fifth Product Portfolio Benchmark Study<\/em><\/a>.<\/p>\n<p>I\u2019d like to hear from you. How are you gathering ideas to ensure you are bringing successful products to market? Share by leaving a comment below.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The front end of innovation focuses on the ideation stage. It is a place of creativity, crowdsourcing, and collaboration. It involves sticky notes, labs, interviews, and sometimes arts and crafts, all in the name of capturing the voice of the customer to deliver \u201cthe next big thing.\u201d The right-brained people in the room absolutely LOVE&#8230;<\/p>\n","protected":false},"author":15,"featured_media":1487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_editorskit_title_hidden":false,"_editorskit_reading_time":2,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[36],"tags":[158,233,353,410],"class_list":["post-1486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-product-development","tag-ideation","tag-pd-events","tag-stage-gate","tag-webcast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Ideation Stage - Ideas are Cheap - Blog | Planview<\/title>\n<meta name=\"description\" content=\"The front end of innovation focuses on the ideation stage. 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