Developing a Product Innovation and Technology Strategy for Your Business

4392 Words Feb 4th, 2013 18 Pages
Product Innovation Best Practices Series

DEVELOPING A PRODUCT INNOVATION AND TECHNOLOGY STRATEGY FOR YOUR BUSINESS

Reference Paper #39

By Dr. Robert G. Cooper and Dr. Scott J. Edgett

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Stage-Gate International and Product Development Institute
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This article first appeared in Research Technology Management May-June 2010, Vol53, No3, pgs. 33-40

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DEVELOPING A PRODUCT INNOVATION AND TECHNOLOGY STRATEGY FOR YOUR
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The result was a renewed innovation strategy and a three-pronged strategic attack that called for the company Scott Edgett is CEO and co-founder of the Product Development Institute and Stage-Gate, Inc., and is also a Faculty Scholar with ISBM at Penn State University’s Smeal College of Business Administration. A specialist in new product development and portfolio management, he received his Ph.D. in marketing from Bradford University. He has consulted and written extensively in the field, with over 60 published articles and six books. His latest book (co-authored with Robert Cooper) is Product Innovation and Technology Strategy (Toronto: PDI, 2009). edgett@prod-dev.com; www.prod-dev.com

33 www.stage-gate.com © 2000-2012 Product Development Institute Inc. Product Development Institute Inc. and Stage-Gate International are registered trademarks.

to grow current businesses via product-line extensions, exploit market adjacencies, and create totally new opportunities. The latter two thrusts required a heavy emphasis on exploratory research and new business development, and thus, in spite of financial difficulties, R&D spending was maintained at 10 percent of sales revenue. A number of new opportunities and strategic arenas were identified and assessed, and the most promising were exploited. The results were impressive: By 2008,
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