Innovative new ideas have many sources. Some originate in a flash of inspiration. Others are accidental. Thomas Edison famously said that “invention is ninety nine percent perspiration and one percent inspiration”.
So where do new ideas come from? How can we get inspired to seek new products, services or processes?
Below is just a brief list of some of the avenues where new ideas typically originate.
- Basic research: all firms are engaged in some kind of basic research and development , which can lead to development of new product ideas that have already passed the initial screening stage.
- Production stage: workers actively engaged in the production of products can suggest certain modifications and improvements. These workers can provide ideas aimed at improving quality, cost and performance of potential product.
- Sales force: sales representative are directly in touch with the customers and are thus better equipped to take note of customer needs by this they can provide better product development idea.
- Buyers: an entrepreneur while keeping track of the requirements of the consumers can definitely get useful ideas aimed at developing a better product.
- Management: management team based on their knowledge, skill and experience can come out with new ideas for product development.
- Magazines and trade journal: useful ideas about new products can be obtained from these magazines and trade journals.
- Competitors: in order to survive in present day competitive environment, it is in the interest of the entrepreneur to keep a eye on activities of his rivals.
- Overseas market: a producer interested in taking care of foreign market can do it in better manner by getting right ideas aimed at improving product acceptability in these markets.
- Sellers: can provide idea for new product development as they act as link between producers and consumers and are better equipped to provide required information.