We all know the importance of new product development (see Ch.5 and Fig.5.2). Companies live or die by the success of their new products…and the strength of the US as an economic power depends on our ability to continually innovate.
Each year the Journal names its Technology Innovation Award winners. This article details this year’s winners, looks at what happened to last year’s , and projects what advances will win in the future. Its an exciting classroom topic.
My two favorite winners in 2010 are: (1) TruFocals, eyeglasses the wearer can adjust manually to give clearer vision for reading, computer work, or gazing into the distance: and (2) a paper-thin, flexible computer screen that can be bent or rolled.
The odds against successfully creating and selling a new product are about 500-to-1. But a gardener friend of mine who worked for 10 years to develop a new garbage can (the world needs a new garbage can?!) just got his 1st royalty check–close to $1 million!
Discussion questions:
1.Check out last year’s WSJ winners. How did they do?
2.Name several recent products that became immediate successes.
3. What firms are the leaders in innovation with new products?