What is New Product Innovation?
Innovation in common sense is introduction of something new. Product innovation is improvements or developments of items/products such that it attempts to resolve issues for consumers, clients, organizations, or society at large. There are multiple forces that encourage product innovation. Consumer — influenced by social, cultural & economic factors. Business/Organizational — derived from the idea of expansion to new market segments or to gain competitive advantage.
We at Technotreon Intellectual Ventures believe that innovation is the ultimate key to growth & that innovation creates new opportunities. We trust in the idea that “Creating a job is better than finding a job”, therefore Technotreon has always been engaged into new product innovation. Product development is conducted either to resolve old consumers’ problems in a new way or resolve new consumers’ problems.
New Product Innovation Process
New product innovation process is the amalgamation of several activities needed to commercially apply the innovative idea. Apparently, we don’t have a fixed innovation process since it can differ from case to case. The innovation process usually looks as.
1) Ideas
The primary step where you have several ideas and then you try to materialize them with inputs, ideas & suggestions from others (People, materials) etc., to ensure a better understanding of your problem & solve the problem.
2) Criteria
Here, ideas are being evaluated & funneled down and chosen. Furthermore, you need to ensure that the idea carry genuine worth to your organization. Additionally, attempt to figure out what assets you want to foster these ideas and materialize them.
3) Testing
Here, ideas are being refined and tried in the market, and clients’ perspective. Is it true that they are ideal for the market? Could it be said that they are solving problems & clients’ necessities?
4) Launch
If the thoughts go past the testing stage, they are being launched in the market & commercialized. Constant review & improvements are carried out posting the launch phase to keep the product in the market in the long run.
An example of product innovation: Apple
Apple is likely one of the greatest innovative organizations which have made significant product innovations. Beginning in the early 70s the organization had created an evolution in personal computers, to every one of its iPhones they delivered in the past 10 years, Apple is clearly a pioneer in the market in terms of new product development.
Apple is one of the prime pillars in terms of product innovation in terms of developing new product & new technologies. The principal Macintosh, Macintosh 128k and iPhone, likewise called iPhone 2G are items that revolutionized the industry & put the dent in the universe.
Likewise, Apple additionally dominates product innovation that is developed by improving pre-existing products. This can be effectively seen at the new attributes and features that are added at each new iPhone.
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Turn To Technotreon For Product Innovation/Development:
Technotreon Intellectual Ventures is a B2B Research and Development technology solutions provider and intellectual property developer specializing in engineering and world class product developmental services tailored to cater to startups, inventors & manufacturers. In simple words, we turn your ideas into products which are proprietary and protectable. As a deep-tech R&D expert, we consult in variety of industries, with expert in design, engineering & intellectual property.
Alongside being an expert in inventing proprietary industrial products. Technotreon has a revolutionary offering via a course on “How to Innovate” where we educate students and professionals on “How to Ideate, Innovate & Invent”. Our sister company “Technotreon Innovation Academy” provides a course “Ideas to Inventions”, a unique course on educating people from being able to invent a product to patenting it. All of it and more alongside live projects on developing products & a patent certificate with your name. To sum up, Technotreon Intellectual Ventures is where inventions are created & Technotreon Innovation Academy is where inventors are born.
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