Idea Generation
Even in today's technological world, the old saying "Invention is 1% inspiration and 99% perspiration" still remains true. Getting the most out of that "1% inspiration," however, is critical, and one way to do this is to plan and think ahead.
Every company—small or large—uses some process to choose the products it's going to develop in the future. In smaller firms, where resources are scarce, this selection process is usually less formal. Larger firms often have the resources to formalize this process, but easily get bogged down by bureaucracy. Despite these hurdles, all technology firms must understand the role and value of new product ideas in their future.
Thinking through the process by which these ideas are generated and then selected for development can be revealing. Even if the company cannot pursue these new ideas now, it will be better prepared for the time when resources and opportunities do become available.