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The product development journey can be exciting but harrowing for even the most experienced company let alone the first time innovator. I have helped both large and small companies take an early idea right through to commercialization and some organizations are much more successful than others. Here are a few principles that I see the successful companies follow.
To innovate strategically you need to understand the end game. Therefore, right from the start have an idea of your commercialization strategy.
It is critical to carry out good voice-of-customer research. Many organisations think they know what customers want but they have not actually asked them. My advice is don’t assume anything, even if you have been in the market for a very long time.
The most innovative companies don’t confuse core research with actually designing a product. Early stage research and proof of concept doesn’t have to look like a product.
To get a partner to behave as a partner you need to share incentives. Many product development companies have a ‘project’ mentality. They are focussed on responding to a specification instead of your commercial outcome.
One of the biggest risks in a large product development project is heading off down the wrong path and having to back up. The best way to manage this risk is turn your big project into a series of small projects. Each project stage has a clear set of objectives, activities and deliverables.
By re-using existing technology, often from adjacent industries, you significantly reduce your development costs and deliver more reliable products to market faster.
The end goal for all products is successful commercialization. There are many ways to go from innovation to commercialization and there are opportunities to innovate at every stage. Whether you have an insourced or outsourced team ensure you all share the same goals and remain focussed on the commercial outcome of your product. Good luck and enjoy the journey.
Sam is a co-founder of Planet Innovation. He is an innovative and strategic business leader with significant experience in strategy, sales and operations with a successful track record in the global commercialization of technology-rich products.
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