Keys for smaller businesses seeking to develop new products
Injecting Discipline into the Innovation Process
Setting the Stage for Success
- You have complete buy-in at an organizational level.
- You have clearly defined expectations and key milestones.
- Everyone who needs to has a seat at the table from the very beginning.
- Your entire team commits to disciplined decision making.
- Commitment and availability of the resources to meet the key milestones.
- You have a plan to document each stage of the process.
Putting Innovation into Action
- Stage 1 – Prioritization. Which ideas merit further consideration?
- Stage 2 – Invention. Does the product meet customer needs & can it be manufactured?
- Stage 3 – Go or No Go. Are we ready to release this product and what is the plan?
- Is there a market and how big?
- Who are the customers – current or new?
- What does the competition look like?
- What is the pricing structure and cost estimate?
- How are we going to take it to market?
- To develop the product what resources are required and do we have the capabilities?
- How large are the technical challenges?
- Can we manufacture the product consistently?
- What resources/investments do we need to make this product?
- Do we have the skill sets in our labor force to make this?
Keep the Whole Team Involved
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