Product Innovation: Definition, Examples & Strategies used

Product Innovation: Definition, Examples & Strategies used

Product innovation is essential for businesses looking to maintain a competitive edge. This piece outlines key strategies for successful innovation, including having strong market knowledge, ensuring your product is distinct from competitors, tracking technological advancements, working collaboratively across departments and creating prototypes. MIT ID Innovation offers courses and training to help individuals develop the skills and competencies required for a successful career in product innovation.

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More Innovation Resources:

Innovation Strategy - "Better and Faster" by Jeremy Gutsche

Jeremy Gutsche's book "Better and Faster" highlights six patterns of opportunity behind successful innovation strategies, including convergence, divergence, and acceleration.

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Innovation and the concept of Flow

Innovation success comes from achieving a state of flow, where challenge and skill are equally balanced. Teams need the right people and skill development to achieve this.

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L.I.V.E. (Lean Innovation, Validation & Execution): A new, more effective way to manage multiple innovation projects

L.I.V.E. (Lean Innovation, Validation & Execution): A new, more effective way to manage multiple innovation projects

Traditional project management processes are not effective for innovation projects. Instead, the L.I.V.E. method allows for faster, cheaper and less risky delivery of complex innovation projects by validating progress through a set of 10 questions.

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