Business & Finance Online Expert

There is no doubt that having fresh, new ideas is one of the important things you have to have if you are creating an innovation effort. With no ideas, after all, there is nothing to work with. But the problem is that almost everyone forgets it takes more than a great idea to create an innovation which is actually valuable.

In addition to ideas, you need to have a program of execution. It is execution that converts an idea into a real product, service, or process. Execution, of course, is where the hard work starts.

The reason people forget this important detail is simple. It’s because the process of generating new ideas is inherently creative. It’s fun, and you get a feeling of accomplishment just because you’ve dreamed up something unique. Everyone has had the experience of an energising brainstorming session, resulting in full whiteboards: you leave the room feeling you’ve accomplished something amazing.

Most of the time, though, nothing further ever happens. People are so satisfied with their work in creating new ideas that they allow themselves to forget there’s still much more to do. Then, when someone else not only has the same idea, but executes it will, there is universal teeth gnashing as people wonder “why didn’t we do that?”. Regret is the order of the day, and it is a lesson hard learned. Especially when the opportunity cost turns out to be significant.