1. IT TAKES 3,000 RAW
IDEAS = 1
COMMERCIAL
SUCCESS
HOW TO FIND SUCCESS
Lynn Sutherland
November 2013
2. FORMULA 1
3000 Raw Ideas
Stage 1
-> 300 Ideas where some action is taken
-> 125 Small Projects
Stage 2
Stage 3
-> 9 Significant Developments
Stage 4
-> 4 Major Developments
Stage 5
-> 1.7 Launches
-> 1 Success
Stage 6
Stage 7
0.03% success rate from initial concept, based on evidence from many sectors
From: 3,000 Raw Ideas = 1 Commercial Success! Greg A. Stevens and James Burley;
Industrial Research Institute Inc. 1997.
4. MY RESULTS
⢠Many successful projects
⢠Moved from Stage 2 to 3 or from Stage 3 to 4
⢠Felt successful as they move ideas further along
⢠But did not lead to big commercial wins
⢠Two failed startups
⢠Both went from Stage 1 through to Stage 7
⢠1 had a limited market, 1 was not able to attract growth financing
⢠Painful hard lessons because you give your life over to these for a few years
⢠Part of a couple of big successes
⢠Product commercialization success (major growth in sales) leading to company acquisition
⢠International recognition
5. SO
⢠Generate lots of ideas
⢠Use good filters
⢠Look for the right conditions
⢠Build the right team
⢠Work smart and hard
⢠Move things along to next stage, evaluate
⢠Keep trying
⢠Fail fast if youâre not sure
⢠Keep going and re-adjust if you are sure and have the stamina
⢠It may take (much) longer than you think
⢠Create your own luck by putting yourself in the right place at the right time