How to predict when an innovation will take off: An interview with Gerard J. Tellis, Director, Center of Global Innovation
Appositely predicting the right time to broadcast when an innovation will take off in a market is the most vital and difficult part of any start-up business. However, this is what most start-ups fail to analyse and thereby, fail to predict the market changes.
To counter situations like these, you have to analyse various aspects of your business, test the market scenario and work on business strategies.
Gerard J. Tellis, Director of the Center of Global Innovation, University of Southern California, talks about the hazard model and matrix that they have developed to predict when an innovation will take off in a particular country and which country is likely to be more innovative.
To find out more, watch the full interview below:
These are the key takeaways from the video :
- Only 10 out of 10,000 ideas will be successful in the market and one will lead to be a big company. Hence, it is of primary importance for any start-up to invest considerable amount of time in analysing and predicting the market changes.
- For a new category or an innovation to take off, it takes at least 6 years on an average to be profitable and sometimes even longer.
- A country which is tolerant to criticism is the one that has the potential to accept innovative change.
- Digital sector shows the most rapid innovation where small start-ups in 10 years can become giant companies worth billions of dollars. Other sectors innovating very fast are bio-tech, bio-engineering and education.
- Government support is needed. With so much regulation process, it increases difficulties for an individual in this country to start a new business.
If you have any questions after watching the video, please leave them in the comments below!