Product Innovation… More than a Bright Idea

Product Innovation

Early this morning I endured my second session of shockwave therapy for a painful case of plantar fasciitis. While biting my knuckles and holding back tears, the following thoughts crept into my head:

1. Why did I ever decide to train for a half marathon? 2. Who figured out shockwaves could help cure foot afflictions? 3. Were they sadists?

Extracorporeal shockwave therapy is more commonly used on horses (nice). But humans are now reaping the benefits of this bazaar treatment. Thanks to some bold medical innovation, I can turn up at my doctor’s office, get my treatment, and within 10 minutes, walk out of the door.

Yet studies show that this kind of cutting-edge innovation is on a downward spiral, with many companies choosing to make small improvements and modifications to existing products rather than risking it all on a big idea.

Compared to a decade ago, new-to-the-world products have decreased by half, and cycle times in product development have gone down to 24 months, from nearly 42.

Conversely, companies are becoming more inefficient, with the same R&D-to-sales spending but much lower profit margins.

Is it becoming more difficult to innovate? Perhaps. But in today’s mature markets, it’s crucial.

Investing in the right people and creating a culture where creative ideas are given a chance to grow is a huge step. Modifying traditional idea-to-launch processes to make them more agile and adaptive is another key.

The most successful innovators know how to bring a new concept to fruition, and they have the right people, processes and technology in place to help get them there.

Come to think of it, product innovation is much like running a marathon. It starts with a big idea, but requires a lot of planning, dedication and flexibility to get you to the finish line. And maybe, for the utterly entrenched, some shockwave therapy too.

Join us at Product Innovation Chicago on October 9 & 10, and Product Innovation Berlin, February 2014, to learn how the most successful innovators—from Boeing and GM to Apple and Tesla—are leading the charge (pun intended).

About Ailbhe Coughlan

I am passionate about what I do at PTC - trying hard to make a difference! Outside the office, I like sports and lots of stuff but most of all I enjoy time with my family and a good discussion with friends over a wine & good food.
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3 Responses to Product Innovation… More than a Bright Idea

  1. Hello Ailbhe,
    Bringing a completely new product idea to the market and managing the evolution of an existing product such that it follows new customer needs and new technological opportunities faster than competitoer, are two different arts. Many of our current products like smartphones and green cars really need a number of years of evolution to reach their best price/performance ratio. Innovation in evolution is less visible, but probably more important.
    Hope to meet you on PI Berlin.
    Henk Jan Pels

    • Hi Henk, you are absolutely right – innovation is all around us and we are a huge part of it even when we don´t always see it.

      Yes hope to be at PI Berlin in Feb
      Ailbhe

  2. Pingback: 5 Leadership Lessons from Lego | PTC

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