Scaling your innovation can be a daunting task. The trainers of the R2C Accelerator Training Week 2 were able to give the researchers crucial tips that will be essential in aiding for the effective scaling. These tips are a combination of key focus areas of successfully scaling innovation that work symbiotically to achieve desired results.
You have a good innovation that can be commercialized, but how do you run your firm? How do you market your products? Do you know how to source funding? These questions and more are what guided content throughout the week.
The first thing investors look at before making an investment is your TEAM. Having a great innovation is one thing, but how do you grow your enterprise? To run a successful business, what forms a strong basis is a good team. However, formulating a good team is not just cherry-picking individuals. You must first evaluate what aspects they will bring to your firm. You can always leverage on the strength of a team, but make sure that you hire the right people because any dead weight will drag you to the bottom of the sea. The 3R model (Relationship, Roles, Reward) can help an innovator source for a good team. Relationships will help you select a homogenous team, which you will then assign roles for consensus decision-making and these roles will guide you on splitting rewards such as equity.
The researchers were taken through a rigorous session that outlined how to leverage on social media as your marketing tool. Using various social media sites, one can study their audience to identify their geolocation and create a customer persona which will enable them to identify the pain points and tailor content that best fits the customers. Social media is a very effective tool as far as marketing is concerned since it’s cost effective, and it will help you maximize your Return on Investment. It is however important to note that you should have a consistent brand voice that customers will automatically recognize.
The elephant in the room was how to source funding for your innovation, which is the pilar of a good scale up plan. Before your firm starts bringing in equity, where do you get the funding? Grants from donors are an available source but getting to them is just easier said than done. Have a good strategy: Extensive research and analysis is required to know if the donors you are looking for are similar to your organization. “It’s not what you know, but who you know”: after you identify a potential donor, researchers were told that is key to building on a relationship which will constitute to a much-needed network, and it can come in handy in the future.
Your funders will not invest in your program with their eyes closed, you need to outline your idea visually and conversationally to them. Formulating a good pitch will help you convey the right message to your audience within the limits of your interaction. A good pitch should be well structured and capture key details regarding the audience of the day. With a well-prepared and confident pitch, you can increase your chances of securing funding for your idea.
Innovation is a continuous learning process, and the innovator is required to monitor and evaluate the progress and effectiveness of programs and make improvements. This can help businesses understand the needs and preferences of customers and identify areas of improvement. In the long run, the business will stay competitive because evaluation will help identify emerging trends.
Overall, scaling innovations requires a combination of vision, strategy, and execution, and the rewards can be significant for those who are successful. By taking a strategic approach to scaling, companies can overcome barriers to growth and leverage new technologies and business models to reach new customers and markets.