Expand on the abstract supplied in Part 1 to provide a more complete narrative on the innovation.
What problem(s), opportunity, or business environment change created the need for your innovation?
Examples may include: New customer requirements, new business processes (product development, purchasing, manufacturing, supply chain on after market), new material/manufacturing capability, new revenue streams or services, new software solutions, regulatory compliance, competitive threat, etc.)
Note: The Innovation Narrative should begin with a clear Problem/Opportunity Statement followed by your description of the Innovation (i.e. Solution). Use quantitative data wherever and whenever possible. (e.g. "25% improvement" versus "significant improvement") The Innovation Narrative should detail how this innovation is different from the current State of the Art and provide a clear picture of how it "changes the game" for the OEM customer, consumer, and competitors. For IT based innovations the narrative should explain how this innovation goes beyond using software to implement current industry best practices.
The key to assessing the significance of an innovation is to understand the problem it solves or opportunity it presents
In presenting the scope of the problem/opportunity, include your company, your OEM customers, consumers, and the industry at large
While the judges reviewing your application are experts in various areas, you should not assume they are experts in your business or the specific technologies in this innovation!
By the time the judges finish reading the Innovation Narrative they should have a clear sense of:
- What the innovation is
- What problem it solved and/or what opportunity it addressed
- How your innovation is different from other solutions and how it changes the competitive landscape
- OEM Customer and/or consumer acceptance of the innovation
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