Large organizations tend to treat major new product developments as serious projects which require serious resources. They use project planning tools and stage gate processes. However, despite all of the management science the large majority of new products fail – certainly in the fast moving consumer goods sector. So maybe corporations should copy some of the ideas and methods used by tiny start-ups. These new-born enterprises have limited funds and limited time – if the funds run out before the product is proven they die. So the basic philosophy of the start-up entrepreneur is risk mitigation. Here are some other key precepts:
The big company’s innovation team needs to copy the start-up and learn these lessons fast. Agility, fast feedback and risk mitigation are the watchwords.
Paul is a professional keynote conference speaker and expert facilitator on innovation and lateral thinking. He helps companies improve idea generation and creative leadership. His workshops transform innovation leadership skills and generate great ideas for business issues. His recent clients include Airbus, Microsoft, Unilever, Nike, Novartis and Swarovski. He has published 30 books on lateral thinking puzzles, innovation, leadership and problem solving (with over 2 million copies sold). He also acts as link presenter at conferences and facilitator at high level meetings such as a corporate advisory board. He has acted as host or MC at Awards Dinners. Previously, he was CEO of Monactive, VP International of MathSoft and UK MD of Ashton-Tate. He recently launched a series of podcast interviews entitled Insights from Successful People.