New Product Development

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Image courtesy of the World Economic Forum/Flickr.

Creating Societal Benefits and Corporate Profits

The odds of launching a new business that creates value for both the company and the public can be improved with good planning. An in-depth analysis of how four companies created for-profit initiatives that also have high societal value suggests that each followed a similar step-by-step process to achieve what the researchers call synergistic value creation. Those steps include establishing cross-business incubators and installing multi-perspective monitoring systems.

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How to Position Your Innovation in the Marketplace

Should a new product or service launch at the high end of the market and move downward or at the low end and move up? In truth, there’s no one-size-fits-all approach for entering the market, but a new research-based framework helps identify the best strategy for a particular product or service. The two key questions to ask: Is the basic functionality of the new offering better or worse than that of existing competitive products? And how groundbreaking are the novel attributes of the new product?

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A Little Competition Brings Out Astonishing Innovation

Contests can be big motivators for getting people to bring all their creativity to the table. The Oil Cleanup X Challenge, for instance, shows how an organization can generate new solutions to a known problem. Companies vied for a $1.4 million prize in 2011 to come up with a product to recover oil from the surface of the sea. The winner, Elastec/American Marine, is now preparing to bring its winning design to market.

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Capturing the Value of Synchronized Innovation

How can companies coordinate their product development efforts? Research by Jason P. Davis (MIT Sloan School of Management) shows that synchronization can take three forms: proactive planning with partner organizations; reactive action to signals by other companies; or combining these two in a hybrid. Each approach has its own implementation costs and challenges. Moreover, the network of relationships that already exist within an industry affects how quickly synchrony emerges.

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How to Network Your Way to New Product Ideas

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What if what you know about the innovation process is wrong? That’s a question Eric von Hippel thinks companies should consider.

Von Hippel, professor of technological innovation at the MIT Sloan School of Management, has spent much of his career doing research that has led him to a radical conclusion: The traditional view of the product innovation process is flawed. In the traditional view, companies get too much credit for product innovation, according to von Hippel — and users get too little.

Image courtesy of Flickr user soleir.
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The Age of the Consumer-Innovator

It has long been assumed that companies develop products for consumers, while consumers are passive recipients. However, this paradigm is flawed, because consumers are a major source of product innovations. This article suggests a new innovation paradigm, in which consumers and users play a central and active role in developing products. The article also summarizes key findings from studies on consumer product innovation conducted in the United States, the United Kingdom and Japan.

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Al Roth’s Pioneering Work In ‘Market Design’

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Al Roth, expert in game theory, experimental economics, and market design (and Harvard Business School professor), is one of the big names in the field of matching markets — building efficient systems that match, for instance, new doctors to their first hospital jobs out of medical school.

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Lessons from the Startup Bootcamp at MIT

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There was lots of entepreneurial energy in the room at MIT's Kresge Auditorium today -- as a sizable crowd gathered in the morning for a free daylong "Startup Bootcamp" full of lessons from technology entrepreneurs.

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Innovation through volunteers

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We’re all familiar with the power of volunteer contributions in the open source software movement. Now companies are finding additional ways to work with volunteer contributors.

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