Fear of Failure Delays Innovation

Most folks experienced in innovation and commercial development have experienced failure.  Failure in this context is merely one step forward toward ultimate success.  The key is to reduce risks of large failures.   Many new products newly commercialized need updates, fix-its, or are followed quickly with next generation products.  The risks one should keep in mind … Read more

Innovation Metrics Revisited

Since we last spoke about metrics in 2009, metrics have remained the critical factor in measuring innovation success. Metrics are used as key performance indicators–how much bang are you getting for your buck? Overall, everyone should assess the percent of sales revenue generated from new products commercialized within the last five years. Other metrics that … Read more

Developing a Network for Your Innovation Environment

An innovation network exists inside and outside your organization. Inside, certain individuals will characteristically have the traits necessary to form strong innovation teams. Outside your organization, the function is called open innovation, sourcing innvotive ideas, intellectual property, products, services, and processess to augment and leverage your internal resources. To outsource your innovation efforts, your organization … Read more

Bridging the Gap Between Marketing and R&D

Ever wonder why the R&D function has trouble “sync-ing” with the Marketing department. Marketing should drive most innovation because marketing has the pulse of the consumer and a sense of consumer trends, and R&D can introduce new technologies that can justify some new product development. Just based on differences in timing alone, Marketing historically can … Read more