Recently I reread a 2011 article on the “top 20” tech start ups and reflected on how each company is doing today.  Some have survived and thrived and some have not.  The article is available here.

Even start ups with very good ideas, creating innovative products and services can fail by year two. Why?   Years 2-5 are critical.  While innovation is key – business acumen, intelligence, and execution drives success.   Many innovators need a “business” partner that understands everything from accounting to logistics to markets.  The innovation helps account for both the innovation side and business side of a successful new or improved product.

An example of a someone who took a “product” and turned it into a successful business is Ray Kroc.  He did not “invent” McDonalds (the McDonald brothers did) but built and expanded the business and the brand.

One reason I appreciate the Certified Innovation Leader training and certification provided by AIPMM is its focus on the business aspects of innovation that should occur during the managed front end of product development.

Enjoy reading and thinking about innovation, business, success, and sustainability.