In reality, companies do this part on the basis of a checklist – have you done this and this? Yes. “The gate idea is to control the quality, making sure you’re still OK with the scope of the work, the timeline and budget. She likens it to building a house, where a landowner might approach a designer, ask for a concept drawing and if they like it, pay to have the design detailed further. Most New Zealand companies use a version of that process and few do it by the book as Cooper intended, Saskia Van der Geest says. In a nutshell: you come up with an idea, develop it into a concept, test the concept, and out of that comes a prototype, which you take through to production, launch and distribution. New product development projects are generally managed by a variation of one of two different processes: Stage-Gate development (a term coined by author and innovation thought leader Dr Robert Cooper, and also known as phasing) and “learning first (or lean) product development” (LFPD).Īround 80% of companies adopt the Stage-Gate process. It’s only more recently that we’ve started to embrace a different kind of diversity.” “We’re quite mono in terms of our culture and perspective and our connectedness to markets.
The next big thing 2015 how to#
“We can commercialise a single idea very well, but it’s how to get the next idea or competing options and ideas that’s often more difficult for us. That can be both about moving away from your core product, and expanding within that area.”Īrmstrong says Kiwis frequently get stuck on one good thing.
But global competitiveness means you need to innovate and focus on emerging trends to stay relevant.
Can you just keep doing what you’re doing? Sure, for a while. Most companies have little exposure to that global market, and new markets open up every day. “For Kiwi businesses, there are still many untapped markets and channels. “What’s changed, and what causes a reframing in many cases, is the fact that New Zealand as a country – and many businesses – have become more globalised. However, some of the same old principles for business still apply. The way we do business has changed substantially, he says, and innovation is critical. Today, he leads an NZTE team advising 222 businesses in the agritech, biotech, food and beverage, and retail spaces with a focus on export markets. It helps retain the best and brightest staff because it’s more exciting to work for a company that’s doing new things.Ĭraig Armstrong from New Zealand Trade & Enterprise (NZTE) also has a long track record of helping companies develop and commercialise new products. Innovation and NPD also serves to invigorate your company from within, says Van der Geest. New products are new news, and from a sales perspective it’s a lot easier to approach a client with something new.” “The retailers ask for fresh new things and it’s often driven more by them than by the consumers. She says in the food and beverage sector there’s an expectation for companies to bring out new products every six months. And, when it’s done well, it also brings in new revenue streams.” NPD is what keeps you relevant and ahead of the competition. In others, it’s vital just to stay relevant.
“In some industries you need to do it because the market or your customers are asking for it. “New product development is essential,” says Van der Geest. She’s spent 15 years helping companies – from Fisher & Paykel Healthcare and GE Plastics to small startups – launch new products into the market. Speaking at the recent IdealogLive networking event, he gave businesses four years to disrupt or fail.īetter by Design coach and new product development (NPD)consultant Saskia Van der Geest agrees. Do you really need to jump on the new product development bandwagon when demand for your existing offering is still strong?Ībsolutely, says Spark Ventures boss Rod Snodgrass. You have a few ideas floating around, but no time or resources to develop them into anything. Meanwhile, you’re focusing on keeping the business running. There they go again with a new flavour, a clever new accessory, a why-didn’t-we-think-of-that solution, or a perfectly timed response to the latest trend. Sometimes it seems your competitors are launching a new product every month.
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