What Factors Should An Innovator Consider While Determining The Customer's Need For His Proposed Innovation?

Carrying the idea of an innovated forward is a dicey prospect that involves a huge amount of risk. Nevertheless the higher the magnitude of risks, the greater the expectability of returns. There are a number of factors that should be on the thinking list of the innovator, based on the conclusion of which the innovator would carry his plan forward. For instance, the type and timing of need is a crucial factor in determining the chances of the innovation's success in the market. If the timing is appropriate and the type is that of a market where the scope of opportunities is rich, then the innovation would be considered as feasible. Moreover an innovator also has to observe as to how other players in the industry have been satisfying the need or how customers have been fulfilling this need of their and in the light of these facts design his own innovation. Furthermore an innovator should always perceive and anticipate the risks and rewards attached to the innovation; if the risks measure more than the rewards, then the feasibility is questionable. After pondering over these factors, next in the line is the design of the price and performance features of the product and the level of compatibility between the two along with the availability of customers and the funds to finance the product (innovation).

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