6 reasons to ⚰BURY☠ an innovative idea💡

Do not fall in love with any idea, no matter how promesing, awesome, or amazing it seems. At first, you have to test it out just like any other idea: Make a small early investment to try it out and experiment a little. As it yields results, keep adding new and small investments.

Continuing to invest in an idea that shows no results is a waste of time and money; that’s why you should keep in mind the following reasons to BURY an innovative idea:

1. Destroys Social Value: If the idea affects the social equity by harming any group of people whether in health, well-being, or in dignified work, or creating poverty and hunger. Examples: Artificial intelligence models (AI) require manual data labeling and pay third-party companies that, in turn, pay their employees a salary that is less than 2 dollars per day. Artificial intelligence models (AI) that use data like gender, race, etc., for hiring purposes.

2. **Destroys Environmental Value: **If the idea impacts the ecological resilience, degrading water or air quality, the biodiversity or it increasing the use of non-renewable or non-recyclable materials. Examples: Processes or products that generate or release any greenhouse gas (carbon dioxide, methane, nitrous oxide, etc.) P2P financing App for livestock projects.

3. **Lack of Desirability: **If there is no tangible evidence of potential clients (B2B or B2C) being attracted to the of the idea’s value proposition. Examples: Clients with real needs to be solved could not be identified.

4. **Lack of Feasibility: **If the technical risks of an idea are high. You should strongly consider BURYING an idea if your company does not have the facilities to create and deliver the value proposition, and you do not have access to reliable key allies that can support your business. Examples: The Theranos case involved blood tests that required less than 99% of the blood and a lower cost in compared to traditional tests.

5. **Lack of Viability: **If you are unable to create and deliver value to clients with a reasonable profit. There may be is desirability for the idea but makes the company lose money. Examples: When the client is not willing to pay a price higher than the costs (in the case of sustainable innovations with social and environmental impacts), or when the profit is not large enough (in the case of sustainable innovations only focused on economic impact).

6. Lack of Adaptability / Scalability: Identifying a real client need is not the same as finding a market. Sometimes, the costs of scaling a company can make a business model unprofitable. If a team cannot solve those growing challenges, the leaders should discard the idea.

The goal is not to kill innovative ideas when issues arise. Working teams must have enough time to conduct several quick and low-cost experiments, and based on the results, adapt and evolve the innovative idea. If the team runs out of the given time and budget without showing progress, do not hesitate to BURY the innovative idea.

How does the Colectidea App help you to BURY ideas on time?

You can create innovation challenges with your clients and evaluate which ideas have lower desirability over other ideas. You can register in our section “Ideas”, the “Cons” of the registered ideas. These cons can be the technical risks, a low feasibility or even the potential destruction of the social or environmental value. You can create several experiments that help you evaluate the desirability, feasibility, viability and adaptability of an innovative idea.