2010 is now coming to a close – it seemed to zoom by albeit not without its share of angst for many of us. Whether we like it or not, change is the only thing we can count on moving forward. I believe much of what we are experience in the economy lately is a natural repeating cycle described by Schumpeter’s “Creative Destruction.” From Schumpeter’s perspective creative destruction is a theory of economic innovation and progress. Innovation, especially of the radical nature has a tendency of changing the playing field – and ultimately a new value proposition replaces or sometimes destroys the old value proposition reshaping the competitive landscape.
New product development is the lifeblood of creating sustainable growth. Yet as we have discussed in our 2010 product development roundtable programs – product development is more than making stuff – it about making products & services that the market values and wants. It’s about creating a value proposition (products, services, customer experiences and price) that is more attractive than the competitors. It’s also about execution – a great idea is worthless if it can’t be transformed into a tangible product or service.
It’s a very interesting question to ponder: “What would you prefer, a great idea executed poorly or a marginal idea executed flawlessly?” Of course it depends on the situation but my 2 cents worth is neither choice is sufficient to compete in today’s marketing landscape. To be competitive today we have to have great ideas and be able to execute these ideas effectively and efficiently.
The question is “how do we find the right ideas in the first place and then what’s the right way to execute these ideas?” That is the essence of our Strategy, Innovation and Development (and execution) roundtable formerly called the Product Development Roundtable. As our roundtable has grown and the programs have evolved it became clear to us that product development while essential is not the only issue needed to be addressed in creating a competitive position – it also includes coming up with a sound strategy, embracing innovation (not just technical innovation but business, market and process innovation) and execution.
Our 2011 series focuses on achieving competitive advantage and sustainable growth through Innovation, Design Thinking, Strategy and Execution.
Embracing innovation and design thinking will help identify and create an attractive opportunity, but it is the organization’s ability to create a strategy and execute that ensures innovation will get implemented and value delivered to the customer. The 2011 series will explore and provide insights to:
Innovation: “An Innovation is an idea, practice or object that is perceived as new by an individual or other unit of adoption” (Evert Rogers). Innovation comes from combining ideas in fresh ways and/or applying invention or set of inventions to create a new solution the market values and adopts. Innovation can be found at the intersection of an evolving need and a technology.
Design thinking – The role of design in a business is to bring creativity and informed intuition back into management practice. It addresses the sensibilities and methodologies that promote new ideas, new alternatives, new choices, and new viabilities that satisfy stakeholder desires.
Strategy: While Vision is the “what,” Strategy, simply defined is the “how.” Strategy is the means you choose to achieve your vision. “If your mission is the moon- you don’t use a car” (Theodore Levitt).
Execution: Without execution, great ideas go nowhere. The ability to bring new and innovative products to market rapidly is a critical competence for any successful market driven company.
For more information about the 2011 Strategy, Innovation, and Development Roundtable programs please go to http://tinyurl.com/TA-2011-SID-Roundtable or contact me (kmcgourty@inpdcenter.com) or Susana Capulong (susana.capulong@techamerical.org) at TechAmerica.
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