Idea generation, or ideation as it is formally known, is an important part of the innovation process. MAGNET has a long history of helping manufacturers around the region ideate to solve specific challenges. Recently I sat down with Bob Schmidt, one of MAGNET’s Senior Growth and Innovation Advisors, to discuss the topic of ideation and to better understand MAGNET’s ideation process.
First thing I learned….Not all ideations are the same
MAGNET conducts TWO specific types of ideation sessions: 1. Technical – Technical Ideation Sessions are structured to solve specific “technical” problems…such as what manufacturing processes could be applied to develop a new product or developing design concepts for a new or enhanced product based on defined market criteria. 2. Growth – Growth Ideation Sessions are structured to solve business growth problems, specifically around market diversification. MAGNET and the client do a deep dive into the client’s core assets, current products/services, and market opportunities as a foundation for idea creation.
Second thing I learned….There is a structured process in place at MAGNET for conducting each type of ideation session
The MAGNET Ideation Process
Third thing I learned…..”The Commonalities”. Regardless of what whether the ideation session is technical or growth oriented, there are a few commonalities both sessions share in common:
Ground rules call for no criticism; meaning no “that will be too expensive”, “we have tried that before”, or “that will never work”
Group sharing of ideas: Whether the sharing is visual (technical session) or written (growth session)
Needs must be met; Voice of the Customer Needs, Enterprise Needs, and Industry Needs
Does your company ideate? Do you have a similar process in place? Please share, we love to hear other best practices and ways to approach the topic.
If there is an underlying problem that you think this process could help address give us a call….I bet we can help ideate some solutions! 216-391-7766
Article submitted by Bank of America For mid-market companies, business success and responsible growth aren’t mutually exclusive. In fact, prioritizing responsible growth is becoming increasingly important, and successful companies are making sustainability central to their growth strategies. Beyond good corporate citizenship, they are recognizing the intrinsic link between the strength of their business and that of the communities and economies in which they operate. Leading your growth with those goals in mind builds resilience and better solutions for the future. Consider the following: Responsible growth companies perform better. Companies that consider the impact of risks and opportunities on the environment, local communities and society may produce better financial results than those that don’t. Additionally, 90% of companies believe a sustainability plan is important for remaining competitive. Responsible growth companies attract investment. A 2016 study by MIT Sloan Management Review and Boston Consulting Group surveyed 3,000 executives and managers from more than 100 countries. Findings revealed that 75% of senior executives in investment firms agree that a company’s sustainability performance is materially important to their investment decisions, and nearly half would not invest in a company with a poor sustainability record. Ninety percent of executives see sustainability as important, but only
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