According to Paul Millier, visiting Professor at Cranfield School of Management, 95% of all technological innovations are doomed to fail because of popular marketing techniques. Whereas a new product is developed in response to a perceived need, technological innovations are generally developed on the initiative of the supplier and a market does not yet exist. Millier urges inventors to take a number of steps to ensure that their technology doesn’t sink without a trace.
Innovators should begin, he says, by carrying out market research into all the possible applications for the product. Before any investment is made, the next step is to identify all of the possible markets, and only after the list of applications has been narrowed down to 2 or 3 should investment take place. It is through being truly focused and dedicated to one direction, says Millier, that the innovator will enjoy a successful launch.