What Makes a Good Idea?

The first of the CEO Start-up Sessions kicked off this week, focusing on business ideas and how to determine whether the idea will be successful. The session was hosted by Stuart Hartley, a Senior Consultant for ANGLE Technology.

So first of all, where do ideas actually come from? Well it’s important to understand the difference between invention and innovation.

Invention = A creative idea

Innovation = Makes the creative idea work.

A certain product or service can be re-invented time and time again but it’s the innovation which makes a particular product stand out from its competitors in that market. Innovation is always original, new ideas can reflect a problem in an old idea sometimes referred to as “points of pain”.

There are 2 different types of innovation; Radical and incremental. Radical innovation makes major changes with an entirely new product/service and on the other side incremental innovation is where continual changes are made to an already existent product or service.

If you need help developing your idea why not drop into one of our start-up surgeries and have a chat with a qualified business advisor?

www.dmu.ac.uk/ceo

Tuesdays, 2-4pm, Student Gateway

Wednesday 2-3pm, Hugh Aston 0.73

Thursdays, 2-4pm, Student Gateway

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s