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Another class project is completed. In my class “managing innovation & entrepreneurship” we’ve talked with senior management of two different companies about what practices they use in their search and development of innovative product to conquer market share. The first one was a smaller Norwegian software company that tries to bring their product into the American market. The other company was a medical product company in the Johnson & Johnson (jnj.com) group. Two very different companies with different approaches. However, they both provided some really good advice that most companies can learn from.

  • Stage-gating: Create a formal process that requires a project to fulfill certain requirements at each stages. Identifies unprofitable projects at an early stage and allows them to be canceled.
  • Lead-user interaction: Including some customers as lead users early in the process may lead to more accurate projects. Also, involve different types of project participants throughout the project development life-cycle.
  • Project Portfolio Management: A portfolio should be valued after potential profit (NPV), impact on company strategy, complementary effect, and adjusted to risk. A percentage split between Low value -low risk, High value - low risk and High value - High risk.
  • Co-location: Keep project members together at the same physical location to ensure communication
  • Create a “sandbox: Somewhere in the market segment where new products or ideas can be exposed to the market at an early stage.

The project team consisted of Morten, my Norwegian roommate who works with a finance consulting firm and Jerry, who’s doing a PhD in materials science engineering at MIT (one of the real engineers at MIT).