Bridging the Gap Between Ideas and Products

CEOs report that innovation is crucial for the success of their businesses in the current business environment. With increasing competition, rising customer expectations, and new entrants, innovation has become a must-have for success. However, the real challenge is to bridge the gap between idea generation and product commercialization. In this regard, two approaches can be used - creating a champion model or developing an innovation process. While the champion model involves training innovation experts who supersede existing products and services, the innovation process involves more people and skills throughout the organization. The choice between the two models depends on whether you want to find a few people in whom your innovation potential rests or define an innovation process that is less reliant on any small group of people.