The key purpose of XBizDev is to help in making new business projects in innovation area more successful. To achieve this it is first necessary to know of typical pitfalls that innovation developers come across. In the following I will describe some of them.
Out of Strategic Scope
There are many examples of innovation projects that have ultimately produced good business but not within company´s strategic scope. At worst cases such a “failure” has resulted in major reductions in related innovation system.
If leaders role in innovation project is considered being only a sponsor, it is highly likely that leadership commitment is not on a needed level. As inevitable problems arises it is not probable that “sponsors” would put their full efforts to solve those problems.
Business a Simple Commodity
It is tempting to have many simultaneous innovation projects even though resources to implement related businesses are not there or there is no commitment to acquire such resources as needed. The result being innovation failure due to internal reasons.
Too Much Imageneering
Imageneering is of course needed but a common problem is that when the real use of hours to different development purposes is counted, it reveals that the innovation project has turned to an imagineering project taking place in workshops and minimal visits to real contexts.
Business is ultimately validated on markets. All other “validations” before that need to be seen in relation to that. There is always danger that a single part of the process becomes overvalued resulting in suboptimal innovation process.
Too often there is the attitude that “of course we know how to implement new business needed to create innovation because we are already running businesses”. In reality a single product launch within current business can get more attention and resources than implementation of a whole new business.