Innovative Enough?

by rshafir | June 20, 2023 | Entrepreneurship, Innovation, Uncategorized

When resources are scarce and VC money is tight, your idea for a new venture had better be “innovative.” But what does that mean?

My conversations with mentors and serial entrepreneurs revealed that an “innovative idea” is subjective and depends on several factors: the industry, market trends, and individual perspectives. But if we were to nail down a definition of “innovative” that would pass muster with an investor, it would include these six points. Is your idea:

• Original?  Does your product present a unique perspective or approach to a pressing problem?
• Market relevant?  It must fulfill a need, create value, or meet an emerging demand.
• Differentiated from the competition? Will your idea stand out from competitors or existing alternatives? Tally up its distinctive features, benefits, or advantages that set it apart and make it compelling.
• Scalable?  It should have the capacity to reach a large audience or create a significant change within a specific domain.
• Feasible? Tell how your idea is practical given available resources, technological requirements, despite potential obstacles.
• Intellectual property?  Unique and protectable ideas with trademarks and patents often demonstrate a higher level of innovation.

Can you speak convincingly about your idea?  Need help with a pitch presentation? CoreCoaching can help. Contact me at Rebecca@MindfulCommunication.com