The Hindu Business Line : Look where everyone's looking, see what no one else can

HOW to market innovative products and services? The answer comes in the form of a book edited by Adam Jolly titled From Idea to Profit from Kogan Page (www.vivagroupindia.com) . The collection of 25 essays comes with the stamp of the UK Patent Office, as evident on the cover.

"Don't neglect your intellectual property (IP) and allow your creativity to be exploited by someone else," cautions Lawrence Smith-Higgins of that office in one of the chapters. "IP is not the exclusive domain of large corporations. Smaller businesses, if well informed, can gain a great deal," he advises.

To become breakthroughs, however, new ideas have to create compelling value and make competition irrelevant. Traditional technologies and business models converge on the `me-too' competition, points out John Riker. Common responses such as cutting costs and pushing new products aggressively aren't yielding results. The main challenge is to develop new market space.

"Success and differentiation come from identifying the sense before it becomes common," is an adage of relevance, Peter Soddy reminds. Think of the business as a flowering plant, with blooms and scent that attract customers, he says. But you need healthy roots, "labelled as cost control, supply chain management, business process efficiencies, market and competitor knowledge." Try the Health Check Zone on www.theinnovatorsclub.co.uk.

"A new type of company is emerging: one that is ideas-driven," declares Chris McDonald. "These companies still produce best-in-class products and tend to be at the leading edge of customer service, but they also have a commitment to creating value through bringing something new to the market." If you get nervous about ideas that seem radical, "ask yourself how you would feel if your competitor did this," teases McDonald.

It is not a shortage of ideas that prevents organisations from becoming more innovative but rather the confusion about the meaning of innovation, diagnoses Jane Pritchard. Three tips she offers are: `Go for quantity,' that is, have lots of ideas; `create interdisciplinary teams' so that `fluidity ensures that ideas have a chance to propagate' and `collaborate radically' by breaking through normal communication barriers.

Shouting about innovation doesn't get you the sales; you must show the inherent value in your offering, says Peter White. To make value visible, "Every innovative company needs to engage with the customer at the earliest opportunity."

On the complex issue of pricing, Malcolm McKenzie provides a framework comparing different styles of management — reactive, semi-active and active.

To turn ideas into profits, you need funds. For help, you'd need `a good accountant,' writes Ian Ritchie. "The right accountant will be the one that understands that the fees he or she can charge you at the outset must be low, on the understanding that there should be years of profitable relationship ahead in the future."

The most creative environments promote flexibility and workspace mobility, says Jane Asscher. "Quiet spaces are essential for allowing people to contemplate, capture and craft creative ideas. Giving communal spaces (such as coffee shop and games room) promotes interaction at every opportunity."

Innovation requires a culture of constant improvement, backed by occasional `frighten the competition' breakthrough, says Richard Duggan. A discerning quote of Albert Szent-Gyorgi that he cites is, "Looking where everyone else is looking and seeing what no one else can see."

Other chapters include: Pip Frankish's discussion of how 3M generates ideas; Nigel Crouch's essay on `inspirational leadership'; Garrick Jones's reminder that `many threads' need to operate `in parallel'; David Leon's instruction that space for innovation has to be fluid, flowing and spontaneous; Billy Harkin's advice on `fast-tracking the commercialisation of IP'; Paul Pankhurst's tips on `technology transfer'; Shailendra Vyakarnam's warning that enthusiasm can easily lead to misplaced assumptions; Andy Nairn's lessons on market research; Rita Clifton's piece on `brand-based innovation'; Richard Willams's focus on design to create the difference; Gareth Ellis's diktat that you shouldn't shoehorn people into products; Nike Margolis's paper on interactive direct marketing; and Ben Wood's guidance on `multiple channels'.

Prescribed read if your idea of business is to make profit.

BookMark@TheHindu.co.in

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