I apologize if I’m reporting on news that is a few days old. I wasn’t feeling well the last few days so just this morning caught up on days of reading my favorite updates.
If your mind is an idea generator like mine, always working overtime, you probably have more ideas than time and it’s difficult to decide which ideas to invest time and money on.
An Aug. 3rd article in Business Week tells us that Whirlpool uses the following criteria to decide which ideas to pursue:
-It must meet a consumer need in a fresh way
-it must have the breadth to become a platform for related products and
-It must lift earnings. (Add-on innovations are expected to deliver results within months, while new-to-the-world ones are given three to five years.)
to read the whole article, go here
Do you have a set of criteria that your ideas must meet? What’s your personal criteria for deciding if an idea is worth pursing?. If you don’t have a mental list yet, do take the time to define what makes an idea worth pursuing or shelving. Everyone’s list is different, though certain criteria are consistent for businesses in similar fields. What are yours?