From the course: Product Innovation for Product Managers
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Best innovation methods to unlock scale
From the course: Product Innovation for Product Managers
Best innovation methods to unlock scale
- Many new product innovations fall for the build it and they will come or better mousetrap theory. It's all based on the idea that if you build a better mousetrap, the market will clamor for your product, but over 50% of new products will fail. Two of the most common reasons are that, one, the company is unable to support fast sales growth, an internal operations problem, or two, that there's no clear market need for the product, an external market issue. These failures highlight the need to get beyond the better mousetrap theory and have an intense focus on improving both internal operations and external market aspects. To help juggle these components and build the foundation for a successful launch and scale, take advantage of the tools available through the open innovation method. This approach allows for the sharing of knowledge and ideas with other organizations as a core strategy for product innovation. Open innovation can provide the tools and resources for successful launch…
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