August 9, 2016 | By: Tomas Vedsmand, Søren Kielgast & Dr. Robert G. Cooper | In: Strategies
Recent experiences show that Agile project-management methods can be used in the innovation process and has a great potential to reduce development time and increase the success rate of new products. The article briefly outlines how an Agile method, such as Scrum, can be used within a structured innovation process with milestones and decision points, such as Stage-Gate®, and what benefits it provides to both manufacturers and service-providers.
Many companies develop their new products in secret and behind their own closed doors. They then launch their radical new approach with a fanfare of marketing expenditure. They are often disappointed. Paul Sloane looks at how organizations can harness the power of randomized control trials to drive successful innovation.
During a special appearance at Stanford University, Elon Musk discusses the double-edged sword of paying close attention to tiny details. The iconic entrepreneur behind SpaceX, Tesla Motors and Paypal was on stage with DFJ General Partner Steve Jurvetson to kick off STVP Future Fest, a daylong series of events exploring how technology and scientific breakthroughs will shape society.
Even before the term was coined in Wired Magazine in 2006, crowdsourcing was utilized as a way to accomplish goals. The strategy had been used for several hundred years before it was officially given a name, but since being named, crowdsourcing has grown into a huge field, spawning subdivisions of the strategy and being used for a multitude of purposes. Wikipedia is one of the most recognizable and mainstream instances of crowdsourcing, designed to elicit and compile knowledge from the masses. Crowdsourcing has been used in real time to track public transportation and traffic updates with various apps.
Play Bigger Advisors Co-Founder Dave Peterson emphasizes that entrepreneurs must be able to articulate the problem they seek to solve if others are to understand their vision. Successful marketing also persuades people to care about a problem they weren’t aware of before, and your solution for it. “Understanding the problem is the first step,” Peterson says.
The human vocabulary with millions of words is adequate to explain all of our expectations and experiences, even those which are imagined. Why not harness the power of language to discover new products and services? Author Shanta R Yapa shares the Innovation Tautogram technique, which can be used as an individual or a group exercise.
Product managers facing the make versus buy decision for their organization have a lot to consider. Biases abound. In this article, the innovation architect Doug Collins shares what was on the minds of senior product management leaders on this topic when they convened, recently. Their top 10 factors follow below.
What is top of mind in the world of product management? What does the product manager seek? How might the practice of collaborative innovation help the product manager achieve their goals? The innovation architect Doug Collins shares his perspective on these questions based on his recent participation in a product management summit.
Unmet consumer needs are considered the holy grail of product and service innovation: a mystical, sacred entity with unlimited value and powers for those that know how to tap into it. It would seem that with present day digitalization and social media, it is easier to connect to users everywhere through online surveys, platforms, and data mining technology. Moving from a mass-producing economy to one based on individually tailored products suggests that the gap between consumer needs and producer response are closely aligned. Yet the mystique surrounding unmet user needs remains.
Through scaling, smart movers can quickly build substantial market shares – or define entirely new markets. To help innovation leaders understand scaling we have divided it into three main areas: Emergence, Networks, and Waves. This article is on Waves, the third and last in a series of three.
In a time when innovation and new product development are vital to remain competitive, large organizations are looking for ways to generate and execute new product ideas while mitigating risk. Increasingly, these companies seek to create a startup culture as a means to generate innovation.
What will the product of the future be like – and how will it be different than today’s products? Generally, all products will become part virtual, part physical. They will be connected, reconfigurable and – hopefully – smart. Also, the business model for their manufacturers will be dramatically different.
South Park is a highly successful cartoon sitcom created by Trey Parker and Matt Stone for the Comedy Central TV network. The show was launched in 1997 and quickly became notorious for its rude language, minimalist characters and black, surreal satire. It was aimed at an adult audience and poked fun at a wide range of topical or taboo subjects. South Park has received many accolades, including five Primetime Emmy Awards. It is the third longest-running cartoon series in the U.S. behind The Simpsons and Arthur. Yet it was very nearly cancelled when initial tests showed that most people did not like it.
In a world where we don’t know what tomorrow will look like, safety comes from being able to continuously experiment. The winners get to failure faster, more frequently, using fewer resources, and learning from it quicker than others. So if you operate in a fast-changing changing world, then it is time to retrain your instincts. It’s too risky not to.
There are incredible opportunities today to bring new things into the world. It is the hallmark of the creative artist to create something that did not exist before, but this generative capacity is not limited to creative artists. Entrepreneurs and corporations conceive and create new products, services and platforms that would not have existed but for their efforts. Our increasingly complex and volatile world needs this creative ability now more than ever, especially in our leaders.