Which step follows the identification of a market opportunity in the development of innovation?

After identifying a market opportunity, engaging in research and development is the next crucial step in the innovation process. This phase focuses on gathering detailed information about the identified opportunity, which often includes examining market trends, consumer needs, and technological advancements. Through research and development, concepts can be explored, prototypes can be created, and the feasibility of potential solutions can be assessed.

This step is essential because it transforms the initial idea or opportunity into a more concrete, actionable plan. It involves both creative thinking and practical application, leading to innovations that not only meet market demand but also leverage existing resources and technologies effectively. Research and development essentially lay the foundation for subsequent steps such as product design, obtaining resources, and eventually marketing the product.