Will my innovation be a success? - 3 Methods for evaluating innovations
Innovations are one of the key drivers for the growth and survival of companies. However, as various studies show, there is a very high probability that an innovation idea will not fulfill the goals associated with it. For example, between 70 and 90% of all newly launched products fail. Almost 2/3 of all startup investments lose money. According to a recent study by CB Insights, one of the main reasons for the failure of startups is that there was no sufficient market need for the developed solution. In view of these figures, the following will first show why the classic approach of creating a business plan is not sufficient or can even be a waste of time and resources. Subsequently, the Bayes theorem, innovation options and Monte Carlo simulations are presented as three powerful but simple methods for evaluating the chances of success of innovations in the early development phases.
InnovationDr. Marcus Liehr13 minutes
