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Managing Innovation and

New Industrial Product Development

due to… – Shorter product life cycles – Accelerating technological advances. However. the risks of product innovation are high. and the likelihood of failure is high. significant investment is required. Reward & Failure But. • James Quinn asserts: Innovation tends to be:  Individually motivated  Opportunistic  Customer Responsive  Non-linear  Interactive .• • • Derivation of Sales & Profits Many firms derive their sales and profits from recently introduced products. bestpractice firms: generate 48% of sales generate 45% of profits • • • Risk. ……Speed & Agility is central to success. From products commercialized within the last 5 years.

innovations start out chaotic. As a project (product development) progresses and as the costs go up. Induced Strategic Behavior Most large companies employ induced strategic behavior. • This is a planned form of influence upon the workforce to come up with innovative thinking around (say) their present product line for their customary markets. Still. . There are two broad categories of strategic behavior: Induced Autonomous 1. more formal planning and controls come in. some new-product-development is an outgrowth of deliberate (NPD) strategies.• • • • • • • However. flexibility must be inherent in the project. Innovations Start Out Chaotic! Generally.

• 2. This approach often employs a “product or project champion” who is also referred to as an “intrepreneur” Some famous product champions:    • Art Fry >> Post-it at 3M P D Estridge >> the personal computer at IBM Stephanie L Kwolek >> bullet proof material. defines or adopts an idea for innovation Willingly assumes significant risk (loss of prestige & even their job) …to successfully implement the innovation. They can think about products that they’d like to create. Autonomous Strategic Behavior Large resource-rich companies employ autonomous strategic activities. Kevlar at DuPont Product Champion Product Champion is one who… – – Creates. • • This is a situation where employees are allowed to think creatively about innovation outside of their present products. A product champion is an individual who: • • Takes on a central role in sensing a marketing opportunity Mobilizes an informal network to assess the opportunities via their: • • • Technical feasibility Financial opportunity Is willing to take on risk (reputation) to bring the project to light .

” .Championing a Product @ 3M Senior management at 3M Company will not commit to a project unless a “Product Champion” emerges and will not abandon the effort unless the champion “gets tired.