The Case of the Picnic Table
Innovation involves Risk
Risk and uncertainty are inherently part of any innovation effort. Companies do not take out insurance policies from potential customers, science can defy our best hopes, and firms will make some poor decisions along the way despite our best intentions. While these situations paint a gloomy picture, we are bolstered knowing that innovation and new product development (NPD) are the only sure ways to maintain business growth in the long-term. In fact, well-managed innovations are fun projects and motivating for both employee and consumer groups.
Yet innovation is saddled with anecdotal and nightmarish stories that fan through the industry faster than Hollywood gossip. As a dedicated product manager, research director, or technology designer, how can you counter these false impressions?
In this paper, we describe three popular innovation myths and give you concrete, actionable steps to defeat the fear of risk in NPD.
- Myth #1: If it works today, it’ll work tomorrow.
- Truth #1: Customer knowledge wins market share
- Myth #2: If it can be built, we can do it faster.
- Truth #2: Good technology, managed well, will deliver NPD profits.
- Myth #3: If we grow the most, we win.
- Truth #3: Strategic planning leads to long-term business growth.
So, while risk and uncertainty are inherent in any journey, understanding your markets, technologies, and strategic thrust will lead your firm to innovation success.
Continue reading and access action items
Premier Members: Please refer to the thought leadership paper “Three Innovation Myths: The Case of the Picnic Table“. Become a GNPS Premier Member today for full access to monthly innovation papers such as this, the weekly Idea Incubator blog, and The Village (a newsletter for the global NPD community). GNPS Premier Members pay only $60 for the first year of membership with savings of $150 on any NPDP Certification course.
All others can download this dynamic thought leadership paper with five action item tips to lead your team to innovation success for just $8.95 (tax included).
© Global NP Solutions
Your Strategic Innovation Partner for NPDP Certification
Building Innovation LeadersLinkedin