New Product Development Tools 2– Identifying Innovation Opportunities + Stage-Gate NPDDr. Suneel Kunamaneni( primarily based on “Innovation Tournaments” by Christian Terwiesch, Karl T. Ulrich)Managing the Innovation Pipeline2Innovation AccountingIs there a linkbetweenInnovationand Profit ?Evaluating return on Innovation.Let us consider these seven hypothetical opportunities for investment:ReturnCurveExceptional opportunities drive exceptional valueNew returnCurveincludingexceptionalopportunitiesComparisonof returncurvesRecognizing exceptionalopportunitiesSelection challengeCreating moreopportunities iskey in findingthe exceptionalfewHow toincreasesupply ofopportunitiesthat clearthat qualityhurdleIncrease the average qualityIncrease the quantityIncrease the variance in thequalityGeneratingOpportunitiesInternally1. Alternative approaches to existing innovations2. Follow a personal passion3. Annoyance driven Innovation4. De-commoditize a commodity5. Drive an innovation “down-market”6. Trend-driven innovation7. Attribute based innovation8.Functional decompositionSensing opportunities externallyInnovators work inside big established firms like Microsoft, AstraZeneca, and Honda and in startups from Bangalore to SiliconValley. Their efforts improve their firms’ competitive prospects.But opportunities for innovation also bubble outside of firms inplaces like university labs and hobbyists’ garages. Thus, inaddition to generating opportunities internally, innovative firmsmust also sense them externally.When isexternalInnovationimportantWhere toSenseExternally1. Import geographically isolated innovations2. Identify small companies with niche productsthat have the potential for broader market appeal3. Cherry-pick from a full-line company4. Identify lead users and study their innovationactivities5. Listen to independent inventors6. Cooperate with universitiesStage-Gate® NPDInnovation PipelineStage-Gate® SystemThe GatesA Walkthrough the Stage-Gate® SystemWhat type ofprojectsdoes StageGate® applytoNew Product DevelopmentNew Business DevelopmentAlliance and Partnership projectsNew Process DevelopmentFundamental research or science projectsPlatform developmentsFundamental research and platform developments(Stage-Gate TD)References
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