First up, what's an innovation agency and what do they do?
Generally, people use one of five terms for external experts who innovate for companies. They are:
Innovation Agency
Innovation Consultancy
Innovation Company
Innovation Strategy Consulting
Innovation Consulting Firms
And well, they all pretty much mean the same thing.
While there might be some differences in their approach to innovation, the goal is the same. To help you create a product, process or service innovation that improves the results of an organisation.
Innovation Expert Nils Vesk discusses why and when people will use an innovation agency and his top 21 tips to evaluating one, so you don’t waste a fortune.
What makes an innovation agency so good at solving your problems is that they have a diverse group of professionals who look at your situation from a different perspective.
Whether you want to innovate on your own like an innovation agency or want to go and hire one, there are four critical areas you want to consider.
INSIGHTS & STRATEGY - discovering emerging trends to capitalise on and identify unmet or ignored customer needs, desires, and frustrations. This stage includes your traditional innovation strategy, what you stop doing, and what to continue and start next.
IDEATION - creating lots of ideas to solve problems and create superior alternatives and better outcomes.
VALIDATION - testing that a market is willing to pay for a solution, testing that the problem is worth solving, testing that your solution effectively solves the problem.
COMMERCIALISATION & EXECUTION - Constructing, pitching, marketing, and distributing the finished innovation most cost-effectively.If you're an innovation manager struggling to understand innovation but don't have the budget for an innovation consultancy. Consider our innovation membership group TheReinventionClub.com
Nils Vesk is a Four-Time Author and International Keynote Speaker. Nils has worked globally with over 200 bluechip companies including 3M, American Express, Canon, Caltex, Microsoft, Nestle´, IBM, Fuji Xerox, PWC, HP and Pfizer.