Product Innovation Is The Fuel For America 's Growth

1409 WordsNov 14, 20146 Pages
Product innovation is the fuel for America’s growth. Two Harvard economists, John McArthur and Jeffery Sachs, described its importance as follows: “Innovation is no mere vanity plate on the nation’s economic engine. It trumps capital accumulation and allocation of resources as the most important contributor to growth.” Innovative initiatives are a high risk game; failures widely outnumber successes. While enthusiasm, conviction and creativity should flourish in the hearts and minds of the innovation team, judgments must remain totally, even brutally, objective. But unconscious and conscious marketing dishonesty may make this easier said than done. Engineers, and product designers in general, fall in love with what they create, and all too often that love is blind. As objectivity eludes the creator, normally rational people become evangelical rather than practical, rational engineers or executives. The inventor of the Segway believed the product would become the next revolutionary method of transportation just as the car had been in the time of the horse and buggy. And Motorola’s engineers were misguided in their devotion to the Iridium satellite telephone system at a time when cellular devices were emerging. These were well-meaning people who wandered off course because they became enamored with what they created. In the end, optimism has limits. The marketplace disagreed, and that’s the only vote that counts in any innovation effort. Conscious marketing dishonesty is more

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