Having a suite of ideas all addressing the brief is a great place to be. But in this day an age with a million and one things to fill each day with, how do we distill these down to an approachable shortlist to focus our resources on?
At the end of the day there's only two things that you need to consider when trying to identify the most effective ideas ::
1) What are the Barriers to Entry? This could include budget, regulation, competitors, etc..
2) What is the Size of the Prize? This refers to the likelihood of the idea to meet the ideation objective (cash, notoriety, credibility, community, etc....)
Using the Muse Junction Opportunities Matrix, we aim to plot the best ideas from the previous steps n one of the above quadrants. This gives us a great visual reference for the items we hope to focus on.
Focus :: All the ideas we should do everything we can to achieve. Big ROI
Vision :: All the ideas we should start chipping away at. Not as easy to crack but big payoff potential
Plan B :: These are the cash cows. Not the biggest payoff but they can help keep the wheels on the carriage during the hard times
Forget About It :: Enough said.
Click HERE for stage 5 in The Innovation Platform