Innovation plan

After the value proposition has been so meticulously refined that it can be succinctly delivered as an elevator pitch, next up is the innovation plan. The innovation plan takes your value proposition and fleshes it out – providing more details, a business case (how to make money), and some commentary on risk.

This is a big topic covered in a short chapter, and more importantly, an innovation plan looks different depending on whether you’re starting a new venture or just making a next-gen product. The book admits this. Since writing an innovation plan summary for all these various situations sounds fucking daunting to me, and there’s no way I can understand/explain all of them, I’m breaking this chapter down into a few nuggets.

Nugget 1: An innovation plan is a lot like a value proposition, but just more details.

Nugget 2: A business plan describes how to make a sustainable, profitable business. It’s different than that innovation plan or value prop because it talks about cash money.

Nugget 3: The outline of the innovation plan looks familiar: what’s the market, what’s your approach, what are your key differentiating factors, analysis of competitors, risk, business case.

That’s enough of a start to this topic. Innovation plans – they’re extensive value proposition plans with more details and a wider scope. Now you know.