Innovation not only provides future revenue streams for every company, but it defines the company’s future direction. Though critical for the company’s long term viability, innovation is challenged by costs, market predictions, technological advancements and societal expectations. For many, innovation is seen as luck rather than a formalized, scientific approach to business strategy and product development.
Most companies desire to improve upon their current methods for innovation, to successfully implement and productively execute a process that repeatedly produces innovative products. Yet there is a gap between R&D and product development that often gets misdirected. An effective innovation process should identify and craft a value proposition to maintain company differentiation, uncover and fulfill unmet customer needs, justify and allocate resources, tie corporate strategies to product strategies, define and promote brands, transfer emerging technologies to practice, and execute the creation of breakthrough products. From an academic perspective this entails understanding the cognitive mechanisms of creative design, the processes that groups use to develop innovative solutions, firm and industry economic models, business strategies and models revolved around products and services, and computational models and tools that impact early design decision making.
The Center for Product Strategy & Innovation (CPSI) researches and formalizes approaches and methods to navigate the gap between R&D and market penetration. Efforts define and refine corporate value and branding propositions, elicit unmet marketplace needs, strategize product and technology planning, develop and refine the early product development process to deliver on a value proposition, and create tools to fulfill marketplace needs. The result is a scientific and practical understanding and implementation of pragmatic innovation strategies.