Smart Innovation Management (SIM)
Many innovations do not translate from their initial project-funded “invention” phase to long-term, sustainable business models that justify the investment from customers, funders & provider organisations. The result is that significant project-type investments are wasted; and just as importantly, great ideas fail to make an impact on important issues facing society.
An underlying reason for failures to generate sustainable business models is that innovation management is un-structured, under-resourced and not recognized as an essential capability for organisations that are bringing innovations to market, or for customer organisations wishing to adopt radical innovations. Many people and organisations do not have access to broad experience from a wide range of successes, and failures, in bringing innovations to market. smart health science limited has that experience, from multiple sectors and types of innovation, and has captured that knowledge and insight into a tool to help create sustainable business models.
SIM is the bedrock of our work supporting clients. We use it as an assessment tool to help clients plan and accelerate the dissemination of their inventions; to provide training and insights into innovation management; and to guide in the work we do supporting new companies, services and ideas coming to market, whether in the public, private or social enterprise sectors. We are happy to discuss arrangements for other organisations to use SIM too – to help manage investment portfolios, improve go-to-market plans, or working in partnership with smart health science in new markets for our services.
Contact smart health science to discuss SIM further.
Smart Innovation Management – assess and plan for success
Aside from the normal elements of a business case and go-to-market plan, our experience is that many core design, management, financial, planning and production innovation criteria are frequently overlooked or ignored.
With SIM, each innovation is assessed against a ten-factor structure, generating a series of critical questions to be addressed. Experienced, serial innovators providing independent input and advice, facilitate the assessment. Then, looking at the implications of the ten factors together, an overall “Business Model Shift” (BMS) score is generated. Innovations with large BMS scores can have huge, often disruptive impact on a market or customer; low BMS scores may indicate that the innovation is not compelling or significant enough to be sustained or differentiated. The BMS score from the SIM process highlights further issues that must be addressed for successful, sustainable business change to be supported by the innovation.
Tried and tested materials support the SIM methodology:
– Education sessions in innovation management and the application of SIM’s ten-factor assessment and BMS implications;
– Assessment tool for generating the questions that must be addressed and overall Business Model Shift;
– Questionnaires that can be used by management teams to explore their strategies and activities to improve the sustainability and diffusion of their invention, business model or use of an innovation as customers.
Using SIM
The SIM toolkit can be used in many scenarios – by inventors building their go-to-market plans and refining their offers; by investors wishing to evaluate the long-term viability of companies and their offerings; and by organisations wishing to understand the fit of innovations to their needs, and what challenges face them in adopting an innovation. smart health science, and its partners, can help deploy SIM in several ways:
– Training in innovation management using SIM materials, tools;
– Bespoke assessments inc. advice for single companies managing innovations or organisations that need to adopt radical innovation to survive;
– SIM surgeries (3-4 per day) providing intense advice sessions for investor organisations, working with their portfolio of start-up or established companies with innovations coming to market.