Add Major Innovations to Your Product Portfolio

Incremental innovations (small, safe changes to your firm's offerings) make up 85 to 90 percent of companies' development portfolios. But "little i" projects rarely produce competitive advantage. For that, you need "Big I" innovations--offerings new to your organization or the world. True, they're risky. But one way to manage the risk is to ask whether a proposed project is "real." That is, does a market exist for it? Yes -- if there's a desire or need for the product, if customers can afford to buy it, and if enough potential buyers exist. Also, is the product real? Yes -- if it has precisely described characteristics and can be produced with available technology and materials.

By Editors  |  November 6, 2008; 8:00 AM ET  | Category:  Management Tip of the Day
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