Your Offer will create value: for you, for your users and customers, perhaps for a wider community or communities. It’s important that you can quantifying that value as accurately and credibly as you can.
Initial estimates are bound to be vague and uncertain but as you iterate your value proposition, you should accrue evidence to support the claims you make.
There may also be negative impacts of your innovation: on competitors, on the environment, or on society. You should evaluate these and be able to respond to questions from relevant stakeholders.
It is also worth thinking about any expected regional impacts of the project.
Components of Impact
If you are considering making an application for funding to Innovate UK, you are likely to be asked to identify, and where possible quantify:
The benefits from the project to those outside the project (customers, others in the supply chain, broader industry and the UK economy) such as productivity increases and import substitution.
Any expected social impacts, either positive or negative on, for example, the quality of life, social inclusion/exclusion, jobs (safeguarded, created, changed, displaced), education, public empowerment, health and safety, regulation, diversity, and any expected impact on government priorities
Any expected environmental impacts, either positive or negative.
Institute for Manufacturing: Design Management Tools and Techniques
The IfM’s Design Management Group activities are focused on understanding and improving the ways in which design and new product development are managed. It work with industry and practitioners to create new tools and methods for both designing and managing design, including some useful approaches to developing market understanding.