Many people talk about product innovation, but few develop a full understanding of what innovation really means or what it takes to build an innovation culture and new solution engine. There are four fundamentals that must be in place for a truly innovative company:
- A profound understanding of the customers to be served, and unmet or poorly-met needs of those customers,
- A process for creating compelling solution ideas to meet those needs,
- A process for prioritizing, selecting, and funding the most promising solution ideas, and
- A development capability that rapidly turns the selected ideas into competitive products or solutions.