The Innovation Funnel Framework is a model used by organizations to streamline the process of innovation. It involves capturing a wide range of ideas and then narrowing them down through various stages of evaluation and development, ultimately leading to a marketable product or service. This framework helps in prioritizing resources, reducing time to market, and enhancing the likelihood of success by focusing on the most promising ideas.
Idea Generation: Collect a broad set of ideas from various sources. | Initial Screening: Filter out ideas that do not meet basic criteria. | Detailed Evaluation: Assess the feasibility and potential market impact of the ideas. | Development: Develop prototypes and run pilot tests. | Commercialization: Launch the product or service to the market. | Post-Launch Review: Evaluate the performance and gather feedback for future innovations.
Maintain flexibility in the early stages to foster creativity. | Set clear criteria for each stage to ensure efficient filtering. | Encourage cross-functional collaboration to enhance idea evaluation.
Encourages a wide range of ideas | Systematically reduces risk through staged evaluations | Focuses resources on the most promising projects
Can be time-consuming | Potentially high initial costs | May stifle creativity due to rigid processes
When developing new products or services | When seeking to innovate within existing markets
In fast-paced markets where speed is more critical than thorough evaluation | When the organization lacks the resources to support multiple stages of development