Innovating is always a stressful process. In my experience, the biggest stressor during the innovation development process is financial concerns. Finances are going out and there is not only nothing coming in, but there may not any future return on the investment. The longer your innovation development period takes, the worse this stress can be. Here are five ways to overcome the stress of innovation development.

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I don’t know about you but whenever I am launching a new product one of the hardest things is finding the right price point. For me it starts something like this. Right after I come up with an innovative idea I jump to setting an initial price point. The next thing that happens is I start making sales projections. If I sell one hundred I will make this much profit. Of course I continue to increase the projections. What if I can sell five hundred, one thousand, or even one million? If I don’t like the projections, then I increase the price point and start making new projections. Now I beg to ask, is this process helpful? Or am I just revealing a level of greed? There are three things I always take from this process and none of them are the actual price point.

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Remember to evaluate the constraints your business faces in implementing your next innovation and adjust the timing accordingly. The more firm you need your launch date to be the more flexibility you need in your critical path. Don’t let one late item throw off your whole schedule.

Here are a few constraints to consider.

1. Seasonal changes in your business. Is January a slow month for your business? Consider the impact of different seasons on your innovation launch.

2. Staffing needs. Does your new innovation change your staffing needs? Do you need to hire, train, or release employees? How will that change the timing of your innovation launch? If your launch is late, can you hire more staff or pay more overtime to make up the difference?

3. Multiphase implementation. Does your innovation launch all at once, or does it roll out over time?

4. Finances. Are you still raising capital? Does a secondary phase of the innovation require a certain level of sales from the first phase? Will changes in the currency market influence the launch date?

5. Competitors. What are your competitors doing? What new innovations are they launching? Does this require you to re-work your innovation before the launch?

6. External Parties. What external parties are you relying on? If they deliver late will your innovation be delayed?

Consider these constraints and others as you approach the implementation and launch of your next innovation.

Most people whether they dislike change or not, understand that there is underlying value in a culture of innovation. But what really is so special about a culture of innovation?

The special thing about an innovative culture is that each new innovation leads to new innovation opportunities (see also Everything Has Already Been Invented). That means that an innovative culture builds on itself. Instead of using up its resources, innovation is a renewable resource and the more it is renewed the more it can occur.

Take a look a Google, HP, Apple, Electronic Arts or any other innovative company and you will see example of what I am talking about. Let me show you what I mean. While Apple did not invent the mp3 music format or the first mp3 player, look at the innovation progression their organization took:

1) MP3 music compression lead to iTunes music player.

2) The iTunes music player lead to the iPod.

3) The iPod and iTunes lead to the iTunes music store.

4) All of the above lead to the video iPod…and eventually the iPhone.

For more information on the timeline of the iPod visit Dennis Lloyd’s article Key Milestones in the Life of the iPod.

So the special thing about having a culture of innovation is that innovation is a renewable resource and one innovation leads to another innovation opportunity. If you need help starting a culture of innovation see The Number One Way to Encourage a Culture of Innovation.

In 1899 Charles H. Duell, the Commissioner at U.S. Office of Patents, was quoted as saying, “everything that can be invented has been invented.” In Charles’ defense I am sure he had seen the oddest and most un-innovative inventions. Nonetheless, I would like to propose that innovation will never cease.

Innovation is a Cycle

There will always be something to invent. The world we live in today experiences rapid and unparalleled change. And change is a catalyst for new innovation. Furthermore, the nature of innovation is that each innovation changes something. The result of the change is that more innovation can occur. Change leads to innovation and innovation creates change!

This cycle can occur on a micro or macro scale. Take the invention of the steam engine. That dramatically changed the world and allowed for countless innovations which in turn changed the world and lead to more innovations.

So the next time you or even your competition comes up with a great innovation ask yourself what does this change. Then work on the next innovation in the cycle.

I would like to share an article with you. Dev Patnaik wrote a great article for Business Week called Five Common Mistakes of Innovation. This article is a must read warning of common pitfalls of innovation. It isn’t enough to “paint the walls purple”.

We have all hear the term bottom line mentality. This is where all decisions in an organization are based on the bottom line, money. I am sure many of us have operated in such environments. Few companies admit to operating in this way; yet, if we are honest with ourselves nearly all organizations at some level utilize the bottom line mentality.

I am going to share with you an innovative idea that will change the way you do business. This innovation is taken directly from the way non-profit organizations operate. In place of a bottom line mentality use a values mentality. Think about that for a minute. A values mentality can have the value of making money, but that will be along side other values.

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A quick tip! Take note of when you are most innovative; not just when you are most productive.

My friends often joke with me that I am not a morning person or a night person, but I have a two hour window in the afternoon. This is true for my level of alertness, but not for the time when I am most innovative.

I actually find I am most innovative during the times when I am least alert. For me late at night and early in the morning, I have an increased ability to synthesize ideas and innovate. The reason for this is that it is during these times my mind is the least cluttered and new ideas and connections are easily made.

When are you most innovative?