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When popular salami sausage snack brand Peperami was torn between innovation and how to use it to stimulate growth, Unilever stepped in to launch four innovation frameworks to see which one worked and which did not. The conscious decision of Unilever to step out of its comfort zone and come up with different models was rather invigorating. Peperami Firestick was the eventual winner, with Sarni, Dunkers, and Cannibals falling behind.
Was this to help the dissipated resources? No. In fact, this ‘suck and see’ method cost them more than £1 million than the usual ‘test and decide’ method.
The biggest hurdle in the corporate setting is the uncertainty of costs, market, target prospects, profitability, and other quantifying agents. These are obscure in nature particularly when an idea is new. Ironically, there seems to be no hurdle while investing in decaying businesses and shrinking markets, which can be seen quickly without a crystal ball at hand. It seems we are well aware of this devil and his advocates but don’t know how to deal with it.
Luckily, there is already a workable and rather fulfilling model called the INNOVATION FUNNEL, which was pioneered by oil drillers looking for ways to gauge which well would sizzle with gold and which would fizzle. This framework was then taken a step further by venture capitalists looking for answers to how certainty about a few factors can help increase their profitability. Innovation funnel is, thus, a manifesto for big branded mavericks!
What is an innovation funnel?
An innovation funnel is a framework that leads to a continuous stream of ideas and prototypes, screened according to their viability. Popularly known as the funnel management process, it is a mechanism that some of the most reputed brands use to marginalize their ideas - which are realistically fruitful for the organization and which aren’t.
At the core of this funnel, there is a large number of creative ideas and projects including the ones that are at their infant stage, waiting to be refined and scrutinized like big ideas. It is more like a physical funnel with ideas floating from the top, channelizing only the best ones to the bottom.
And so using an innovation funnel helps the individual and team in ensuring that only the best ideas are put across and executed.
Generally, like any other regular funnel, this innovation funnel also has three divisions:
- The wide mouth
- The narrow middle section
- The narrow part
There is just one common goal - to ensure that only the best ideas make it through and are developed all the way!
To help you validate this process even further, we have come up with 10 different and unique innovation funnel models, used by successful innovators worldwide. Use them to begin from a strategic perspective and align your goals to key market trends for an innovation portfolio that exceeds all expectations!
Revolutionize your innovative ideas using this template. This is a complete deck throwing light on the concepts of the innovation funnel model. Apart from this, it helps in proposing your ideas to the higher management for more positive results. It is also a great template to process raw ideas into profitable ones as the concept can be explained with ease and precision.
An innovative idea is all its takes to bring a revolution. This is a complete deck that is designed on similar lines, helping you dispense information on various models and processes on innovation. Use it to refine the ideas and execute only the ones of value. As this template provides a professional overview of the concepts, it can be utilized by any presentation expert looking for a pre-equipped format.
This is another handy complete deck that you can utilize to refine your innovation process. Also, bring in more favorable outcomes using this PPT slide. With 12 slides replete with content, text, and visuals, this is a must-have presentation tool for every organization. It helps highlight and bring into notice some key fundamental techniques to improve your innovation process even further.
This is a complete bundle that you can apply to other presentations or use individually. It consists of a set of 12 slides that can be used to dispense information on various concepts and techniques to refine the innovation process. Therefore, it is suitable for every business enthusiast. Not only this, but it also acts as a visual tool that can be used to impart knowledge as well as bring some fundamental changes in the models. Therefore, download it now!
This is a modern yet functional innovation model framework that you can use to upscale your idea generation and execution. Using this template will ensure that only feasible ideas are put into practice and the remaining ones are filtered at their very onset. This helps in saving the resources and put them to better use in the long run. Not only this, but it is also fully customizable and jam-packed with quality information for your convenience.
Each funnel diagram has its own distinctive properties. Therefore, we have designed this single slide for effective refinement and execution of your innovative ideas. It puts forth the innovation funnel diagram with all the touchpoints mentioned in a neat layout. You can use it to dispense important information or craft a strategic innovation model for your organization.
This is another open-ended innovation funnel model that you can use for conceptualization and highlighting the key points of value. You can also use this template as a guiding principle for other innovation strategies developed by your team. This will help optimize them and take them towards a more profitable route.
This template highlights how innovation can be an open-ended process to help the organization stabilize its profitability. Since it is a professional layout, with every section neatly placed, it is a great teaching tool that business enthusiasts can use. It is also easily shareable and available in PPT and PDF formats for an unforgettable user experience.
This innovation funnel model can be used to filter and refine various business challenges. It also helps in judging the individual impact of all the challenges faced by the organization. This template comes infused with quality information and a good color scheme that catches attention immediately. In addition to this, it absorbs every input, thus making it a great starting point for all your idea generation processes.
This is a four-phase innovation funnel diagram to help you dispense important information on the topic. Use it to refine several raw ideas and input the ones of value to the organization. Alternatively, you can use it as a part of other presentations on innovative and creative ideas. This makes their execution better and satisfying.
Using an innovation funnel before going forward with any idea is a great way to channel your resources and work with only the best ones. So it makes sense to use this guide in making this process a tad easier, owing to the corresponding actionable templates. Use these templates as an inspiration to churn out great ideas for your business. Innovation is you!