Ambitious Innovation – New Products for Real Business Growth
Datum: 19. – 20.10.2010
Ort: (D) Deutschland, Steiermark
Adresse: München, (D) Deutschland
For some years, I have watched as companies struggle to grow and launch new products in markets that are mature and stagnant. Traditional product development – doing more of the same old product improvements, extensions and modifications – does not deliver the sales and profit impact needed to grow the business; and breakthroughs and highly differentiated new product winners are rare these days in mature, competitive markets.
The answer is product and service innovation, but a different type of innovation than most companies do. The need is for ambitious innovation, not just traditional product development – bolder, bigger solutions, products and business concepts. And that means larger-scope and more imaginative development projects that yield integrated, more systems-oriented solutions and product-service packages. Examples include the IPod – Apple did not invent the MP3 player, but it innovated with a total solution-package that created the most successful new product in history!
To succeed in bigger, ambitious innovation, you need a product innovation and technology strategy – a strategy that focuses your business’s R&D efforts on the most attractive arenas. Sadly the great majority of firms lack a clearly-defined and well-communicated innovation strategy – there is no focus, or you’re focused on arenas that do not yield the growth engines of tomorrow.
People working in the right climate is also vital to success here. Having the right climate and culture for innovation, an appetite to invest in innovative and more risky projects, a team-based organizational design and the right leadership from the top is the number one factor that distinguishes top innovation companies, according to our extensive study of innovation results. But most businesses lack the needed climate, culture and leadership for innovation – does your business?
Big ideas lead to big concepts and big solutions – the growth engines of the future. Ambitious, bigger and more imaginative development projects begins with creating game-changing and blockbuster ideas. In our benchmarking studies, we have identified at least 25 proven ways to create big innovation ideas. The problem is that most companies do not use these methods, and rely on depleted and tired sources for new product ideas.
Coming up with great ideas for big innovations is half the battle; the other perhaps more difficult part is execution – driving these large-scope and risky projects through the ‘fuzzy front end, into development, and finally to market. To do so, you need a robust and efficient idea-to-launch system that is designed to handle these major, “big concept” ideas and projects. Again companies suffer here – most firms idea-to-launch systems are designed for extensions and modification, and fail when it comes to larger, more ambitious innovation projects.
Finally, many businesses have lots of good new product ideas. But they lack the appetite to invest in these larger-scope and more risky projects, in spite of the fact that they promise to be tomorrow’s growth engines. Weak or unconvincing business cases, no appetite for investment in riskier projects, and relying on the wrong project selection criteria kills more bold innovation than any other single cause!
To meet this need for ambitious and integrated innovation solutions, and to deal with the many barriers and challenges that companies face in trying to undertake ambitious innovations, on October 18-19 in Munich, I will be offering a seminar focused on Ambitious Innovation – New Products for Real Business Growth. This is an intensive two-day event based upon the principles and methods outlined in my two latest books: Product Innovation and Technology Strategy (2009); and Generating Breakthrough New Product Ideas: How to Inspire and Achieve Game-Changing Innovation (2007).
Prof. Robert G. Cooper
The Product Development Institute, Inc.
1425 Osprey Drive Suite 201
Ancaster, Ontario, Canada, L9G 4V5
Phone: 905-304-8798 Fax: 905-304-8799