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The line between success and failure can be a very thin one. Unfortunately there are a lot of lines between success and failure. Below is a list of some controllable factors that can help spell success.

Checklist for Successful Innovation

1. Confirm the existence of a need
2. Confirm the company and project leader are capable of undertaking the project or take necessary action.
3. Give a committed senior executive accountability and authority to obtain the resources for the project.
4. Confirm the extent of current knowhow, competition and academic knowledge.
5. Collaborate with potential users at all stages.
6. Ensure corporate,  not just departmental commitment.
7. Ensure the sales and marketing department are interested from start to finish.
8. Ensure R&D is well run and that top management maintain an interest.
9. Evaluate the project as accurately as possible.
10. Adopt an appropriate corporate structure to unify the project team. New company, JV etc.
11. Ensure careful transfer from R&D through prototyping, pre-production and design to full-scale exploitation.
12. Eliminate technical faults prior to market launch. Pilot test as much as necessary.
13. Work to deadlines but do not rush to market.
14. Maintain a watching brief over competitors and paradigm shifts in technology or market need.

Habits of Successful Innovation Companies

• Companies who evolve know how are more successful than those who break new ground.
• Small dynamic teams are more successful than virtual or fluctuating teams.
• Initial learning may cost but once the project is moving forward set targets, deadlines and financial controls.
• Experienced project leaders are key.
• Keep customers onside,  particularly with highly innovative projects.

See also Why Innovation Projects Fail
Innovation is a corporate asset