Innovation

6. Product Development

The distinction between products and services can often be an excuse for sloppy thinking in service sector companies.

Whether you are developing metal fasteners or an Internet estate agency, whatever you dream up, shape, bring to market and ultimately sell can be regarded as a product.

6.1 Do not make a move until research indicates there is a market for your new product.

• Avoid situations where you have to invent the market as well as the product.

6.2 Analyse the resources available to you within your business and outside.

• Almost all product development these days requires you to set up and manage some sort of 'virtual team', involving outsiders as well as your own employees.
• Put together a team with a mix of talents.

6.3 Map out the critical path for developing the product and bringing it to market.

• Check everything, to make sure you are on the right track at the specification stage.
• Without the right brief, there is a danger of racing ahead up blind alleys.

6.4 If there are aspects of your innovation that are truly novel, protect your intellectual property with a patent, design registration or registered trade mark.