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Accelerating innovation: Some lessons from the pandemic
1De Groote School of Business McMaster University Hamilton ON Canada.
The Journal of Product Innovation Management
|April 6, 2021
Summary
The COVID-19 pandemic highlighted the need for accelerated new-product development. This research outlines five key strategies, including focused teams and digital tools, to speed up product innovation.
Area of Science:
- Business Strategy
- Innovation Management
- Product Development
Background:
- The COVID-19 pandemic underscored the critical importance of rapid new-product development.
- Firms have demonstrated the capability to create breakthrough products in unprecedented timeframes.
Purpose of the Study:
- To outline five distinct approaches for accelerating new-product development.
- To identify strategies for enhancing the speed of product innovation.
Main Methods:
- Review of five approaches to accelerated new-product development.
- Discussion of resource allocation strategies: focused teams and portfolio management.
- Exploration of digital tools and development methodologies (Lean, Agile).
Main Results:
- Five methods for accelerating new-product development are presented.
- Strategies include resource optimization, digital tools, Lean, and Agile development.
- Potential hidden costs include reduced innovation and compromised quality.
Conclusions:
- Accelerated development offers significant advantages but requires careful management.
- The topic remains under-researched, with mixed findings on the ultimate benefits.
- Further investigation is needed to fully understand the impact and optimize acceleration strategies.
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