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New product innovation

There are a lot of ways to make money, but you can't make money doing all of them.

New Product Innovation

Innovation can come from many sources, but for your company it is best to understand your identity and what process you use to develop new ideas. Service oriented companies that drive new product ideas from sales or current customers can do quite well, but they will often be limited by how they can scale their development teams. Innovation driven teams- Apple comes to mind- can often be the best sources of innovation, but a good idea alone is not a guarantee of success. These companies tend to be very high risk, high reward. Market driven teams utilize a combination of inputs to identify the projects with the greatest revenue potential. They are marked by a Lean Startup/Customer Driven Development approach. Market driven companies are riskier than service oriented companies, but mitigate the risks of a purely innovation driven approach. I believe a market-driven approach offers the best chance of repeatable success.