In this final part of the series, we’ll tie everything together! Specifically, we’re going to focus on executing a proposal to innovate in a form that can be understood by key stakeholders. At this point you should understand why you’re innovating and have identified and selected a single or list of Innovation Mines to reap the most benefit.
Develop the proposal to innovate
The final step of the process is three pronged,
- Select potential and actionable Innovation Mines.
- Apply Frameworks, weigh them up against each other and choose the one that gets everyone super excited.
- Develop a full Business Case to showcase and extract the value
Our team’s final business case was a Circular Supply Chain of Polyvinyl Alcohol filaments to capture a USD 400 Million market opportunity in apparel and footwear customization market for a large manufacturer of clothing apparel.
The case was projected to return a 16% ROI and a Net Profit of USD 8 Million in the first year of operation. The application would allow the client to slice last-mile deliver times significantly by allowing retailers to 3D print custom apparel designs at scale, whilst remaining sustainable in the long-term.
Presenting your Innovation Proposal
Here are some tips to consider when before you present and execute your proposal innovate,
- The Customer is Always Right. Remember this. Your business case could be so radical, that they might just reject it. So know who you’re presenting to, and tailor your presentation accordingly!
- Practice the presentation multiple times. You can’t underestimate the value of eye contact, and knowing that your content is on the tip of your fingers. It gives the audience the feeling that you’re invested in them. This is important because you want them to invest in you!
- How are you going to respond to the budget? This is going to be a tricky one. In most cases, the most experienced presenters will know how to handle this. For the rest of us, we learn from our mistakes. Here is a template to nail mostly every proposal you make.
I recognize that this is a lengthy. But trust the process, trust me. It really changes your perspective. I hope this was insightful for you, and would love to hear your perspective on the process!