Friday, June 20, 2008

From innovation to profit

Canadian entrepreneurs need to do a much better job of turning their ideas into commercially successful businesses. Many innovators and inventors are surprised to find out that the business side of commercialization is so much harder than the process of developing the product or servce in the first place. (Which is why Dragons' Den, with its emphasis on customer needs and marketing plans, is such a great national resource.)

My column in the National Financial Post this week looks directly at this problem. It's titled, "Take budding idea from prototype to final product," and it offers a seven-step formula for turning a product or service innovation into a million-dollar business. The points come from longtime Grimsby, Ont. innovator Ron Gdanski, who shared his experiences at the recent Innovation Forum sponsored by Enterprise Toronto.

It starts, naturally, with communication. Gdanski urges innovators to start by recognizing that their most valuable asset is not the invention they've been obsessively perfecting for so many years, but the way they describe it to others.

Read all about it, right here.

No comments: