Inventing a great product is pointless if nobody buys it. In my years in the medtech industry, I’ve discovered there are three fundamental laws of commercialization that you need to consider early in the product development process if you are to be successful.
Developing new products is a costly exercise and the path is often unclear. That’s why you need to be sure you’re building the right product for the right market, before you start designing. At PI, we have developed a five-stage program to help you achieve product-market fit and give your product the best chance of commercial success.
Speaking at an American Chamber of Commerce event, our Co-CEO and Co-founder Stuart Elliott offered insight into three fundamentals that organizations need to get right if they are serious about innovation.
As CEO of a company that is challenged every day to deliver innovative solutions, I see two main areas where every CEO can help increase their company’s level of innovation.
In my experience, there are common themes that link the failure of new products, and I am often asked by anxious entrepreneurs for my top tips on preventing their products from becoming landfill and, by corollary, how they can make their products successful.
The product development journey can be exciting but harrowing for even the most experienced company let alone the first time innovator. Here are a six principles that successful companies follow.
Good voice-of-customer (VoC) research requires you to be part detective and part psychologist. You are trying to solve a puzzle through questions and observations that will help you determine your product direction, your regulatory strategy and your commercialization path. And it’s not a simple puzzle to solve.
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