Businesses require continued innovation for new products because a single product has limited growth potential:
Lag
Growth
Plateau
Without continued innovation, a company's revenue will eventually be eroded by competitors.
Efficient Product Development requires the iteration of these four steps:
Idea
Process Plan
Execution
Evaluation
Without these four activities, product development is either inefficient or doesn't exist.
Where do good ideas come from?
Innovation requires technical knowledge, curiosity, flexibility, and collaboration. Ideas can result from trying to solve a problem, finding alternative uses for previously developed technology, or simply challenging the status quo. Product development is the path followed in order to execute innovation. Two obstacles to product development are (1) the degree of uncertainty of success, and (2) competition for the company's existing business resources. The best approach is to balance resources between existing business and product development while using different metrics to evaluate the success of each category. When developing products, the focus should be on reducing uncertainty until the path forward is clear.
What I can I do for your company:
I can take your undeveloped idea, find its market niche, and then break it down into the fundamental components required for its execution. I can help you prioritize your best ideas and determine a route for implementation. We'll probably discover several other opportunities along the way! In the event we need to engage a 3rd party, I can help you find the right partner for your company to succeed.