Three Innovation Myths
In this paper, we have identified three common myths in new product development. We have given you specific action items to address each challenge, and when taken in total, can lead to innovation success.
· Myth #1: If it works today, it’ll work tomorrow.
o Truth #1: Customer knowledge wins market share.
· Myth #2: If it can be built, we can do it faster.
o Truth #2: Good technology, managed well, will deliver NPD profits.
· Myth #3: If we grow the most, we win.
o Truth #3: Strategic planning leads to long-term growth.
Implementing the action items discussed herein will put your firm onto the path of innovation success. You can follow simple steps to know your customers, engage your customers, and look beyond the current market. You can address the technology risks by staffing projects appropriately, addressing gaps in core competencies, and protecting the intellectual property of your technical inventions. Finally, senior management must address the timing of innovations to align with the firm’s strategy by planning product and technology roadmaps.