Abstract:

If the number of hits in Google is by any means a measure of importance, then, with more than 94 million hits, innovation is hot.Generation of ideas, or ideation, is a simple condition to innovation. What makes the upside-down ketchup bottle, the Smart car, the Toyota Prius and the Nintendo Wii successful innovations? And why are some companies better able to come up with successful innovations than others? A part of the answer to these questions depends on whether you as a company have a well defined innovation process in place. You would think the more ideas, the better and higher the number of successful launches.However, the problem with this thinking is the high costs related to the development of the idea, and the large amount of ideas that might clutter the pipeline and will actually lower the success rate.