Product: 6 innovation steps – successful ideas in market

How does an idea turn into a product that is successful on the market?

One thing is very clear: there are no universal answers that always lead to success. However, with a considered and strategic approach, it becomes easier to identify critical situations early on and avoid them. The IHK supports companies with well-founded information, whether it is about subsidies, product safety, or topic-specific advice.

The brilliant idea – an innovation?

Is every good idea an innovation?

Innovations concerning technical, social, or economic change are called innovations. So the good idea is the spark that can lead to an innovation!

Technological innovations can initiate this spark. But also social change, legal requirements, or simply the events of the competition can lead to new ideas for products or further developments.

And how does this idea become an innovative product?

How are technologies being further developed, and how are (new) applications found? Can a partner be helpful? Network! Talk to your customers to partner companies. The dialogue with science or with start-ups can open up completely new paths.

And take advantage of funding programs! They can fund many innovations through programs. Find out more here. Note that funding applications must always be submitted BEFORE development begins!

The critical look – what can achieve? The next step is a critical look. Is the idea even feasible? Analyze your opinion using the following questions, for example:

• Are there any product safety requirements that urgently need to be complied with?
  • Some products have to be CE marked to market in the European Economic Area. The “Guide to CE Marking” gives many tips.
  • Anyone who wants to produce and/or market food must comply with some regulations. Everything to do with food safety
  • There are also special requirements and safety requirements for textiles and cosmetics.
  • For chemicals, there are specific restrictions on the authorization and labeling: chemical law.

Initial overview and food for thought

This list does not claim to be complete and intends to provide an initial overview and food for thought.

• Are there any standards that you can apply to your product or process?
• You can carry out legal research via the Beuth-Verlag. The SME Helpdesk at DIN supports small and medium-sized companies in researching and applying standards and technical specifications.
• Are there any other legal requirements?
• Should already consider the disposal and recycling of products during product development.
• Are there already third-party property rights to the idea or the product?
• It is precisely regulated by law whether competitors can use the same name, manufacture, sell, and advertise identical or similar products. The trademark law protects the name, design law, appearance, technology transfer, and research cooperation between business and science to strengthen patent law technical inventions. Find out if and how you can protect your ideas, names, logos, products, and designs: Protecting inventions.
• Do you need partners from business or science to implement your idea?
• Universities and research institutions offer important know-how for small and medium-sized companies – whether collaborations for research and development, project teams, or knowledge exchange. Networking and exchanging information between companies is also an important key to success. The brochure Strengthening Technology Transfer and Research Cooperation Between Business and Science offers an overview and information on networks and clusters in Bavaria here.

By answering these questions, you should be familiar with the requirements for the product or process. These form the basis for the following implementation concept and business plan.

Define the product

If you have processed the previous points, the definition of the product is now pending. It means the precise analysis of the technical specifications as well as the specifications of the customers.

If you need support here, you will find a lot of information in our IHK business plan guide. The Munich business start-up office (MEB), a joint institution of the Chamber of Industry and Commerce and the City of Munich, also offers advice on this.

The topics of law, the environment, and sustainability also play a role in the product definition. In their subject areas, they describe guard rails in the form of rules and regulations within which your new product will operate. Here, too, the IHK can help you.

Develop business model

A functioning business model is crucial for the long-term success of your idea. A Business Model Canvas can help when reviewing your existing business or building a new one. You can find out how you can get from the idea to the company with this innovative approach in the IHK guide Business Model Canvas – Developing business models in a targeted manner.

A good idea alone does not lead to corporate success. Financial support often requires for implementation. Founders are often dependent on start-up capital. State, the federal government, and the European Union offer a variety of support options and grants:

• Public funding for business start-ups
• Loans and financing alternatives

A good idea is the basis of every business. Even before your product enters the market and starts your service, you should think about marketing it. Ask yourself the following questions:

• Why should potential customers buy your product or service?
• What sets your offer apart from potential competitors?
• How do you define your target group
• How do you promote your business?

To survive successfully in the market, every company – whether newly founded or has been on the market for years – needs a sophisticated marketing concept. Here you can find out how to strategically plan such a marketing concept.

Realize and improve

Now that you have worked through many points on the way to a marketable product. Things are now getting serious. You realize your ideas, test and improve them to finally manufacture the product and subsequently launch it on the market.

To do this, you usually need the right partners to accompany you on your way. We want to help you with that. As part of our research for breakfast event series, you will get to know universities and research institutions looking for contact with companies. These can help you to test and further develop your products. You benefit from the experience of science and can also strengthen your own company through cooperation.

Our guide Strong through cooperation shows you possible forms of collaboration and explains typical stumbling blocks when working together.

The Open IHK platform offers you and interested third parties the opportunity to contribute ideas in a digital space where we work together on issues, develop them, attain feedback on specific proposed solutions. The platform is an aid for a structured, result-oriented idea and participation process for your Chamber of Commerce.

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Manufacture the product and launch it on the market

The production and finally the market entry is certainly one of those points hinfiebern to all new entrepreneurs: Your idea is now in the form of a real product reality!

Do you not want to manufacture the product yourself, but are you looking for a company that takes overproduction on your behalf as a contract manufacturer? In the Company database IHK, you will surely find.

With marketing, especially in the area of online trading, we support you with various assistance.

Have you already successfully launched your innovative product on the market, or are you about to take this step? Then apply for the Bavarian Innovation Prize, which recognizes and recognizes the outstanding creative achievements of our Bavarian companies!

Are you looking for contact with customers in the national and international environment and want to present yourself at trade fairs? Then you will receive support from the Free State of Bavaria, which supports precisely these projects with its exhibition programs. The Bavarian joint trade fair stands aim at national trade fairs. The Bavarian trade fair participation program is gearing towards international trade fairs.