Couple years ago we have decided to add one major innovation a year. Only one, not more. I believe we wouldn’t be able to do more properly. That is how we have added our food festival, food-truck, food start-ups incubator and now we are working on new project for 2015.
Obviously, we have more ideas than one per year. So, how do we decide what we will do and what we will not?
As basic guidance I use 3 criteria from my all time favourite book Good to Great.
i) can we be the best in the world in this?
ii) are we passionate about it?
iii) can we make money doing it?
If we answer all above questions yes, then we go ahead with the idea.
This works for us so far, in 2014 innovations accounted for 33% of our revenues – up from 25% in 2013 and 0% in 2011.
If we get more good ideas that would fit above criteria I believe we will get to same revenue from innovations as from core business by the end of 2016.