Now that you have planned the development of the Innovation Elements you seek to introduce, it is now time to actually develop them. Depending on the plan in place this could be a number of people working loosely on the innovation, such as with Google’s famed 20% rule, or 3Ms similar policy. On the other hand it could be a formal project with an allocated workspace, timeline, etc.
The development of an Innovative Element ends with deliverables, whether it is a prototype for product innovations, a report for structural or brand innovations, etc. These deliverables are going to be presented to the stakeholders, and further refined based on their feedback. However it is important that the deliverable is in a finished state which is ready to be implemented, should the stakeholders approve it immediately.
This step often represents the first real costs of an innovation initiative. Everything prior is a series of meetings and reviews, which have costs in terms of time and management attention, but not the financial costs that will most likely be incurred in this step. In addition you will also understand the real and often prohibitive cost of an innovation initiative during this step, that of implementation.
In the next step we are going to look at the presentation of the Innovative Element to stakeholders.