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Raising the Innovation Bar to Raise Success Rates in 2011

Happy New Year, Product Pulse Peeps! Let’s talk about raising the innovation bar to raise success rates in 2011.

At the end of last year, I was lucky enough to attend the Stage-Gate® Innovation Summit 2010. In addition to getting some quality time to swoon over my professional crush, Dr. Bob Cooper (I even got to get my picture taken with him — he looks less excited than I do), I was fortunate enough to hear Dr. Scott Edgett speak on raising the bar in product innovation. As always, this dynamic duo got me thinking.

raising the innovation bar - Carrie Nauyalis, Dr. Bob Cooper, and Dr. Scott Edgett
Carrie Nauyalis, Dr. Bob Cooper, and Dr. Scott Edgett
at the Stage-Gate® Innovation Summit 2010

Similar to the 2010 Product Portfolio Management Benchmark Survey sponsored by Planview and presented at Pipeline 2010, Stage-Gate recently completed a study to determine how businesses are doing in the product development innovation arena. One dataset that struck me was this one:

  • Average business’ rates of commercial success = 52.3%
  • Average business’ rates of failure = 26.5%
  • Average business’ rates of “kill prior to launch” = 21.2%

The curious point about this: Stage-Gate reports that this 52% success rate (higher than what I’ve seen reported from some other research and analyst groups) is actually a bit lower than what they’ve seen in the past. The reason for this decrease, according to Dr. Edgett? In 2010, companies invested less in innovation. Very interesting, Dr. Scott.

For me, a prime take away from this study is that we must raise that bar if we’re going to raise the commercial success rate of our product development efforts. 2010 was a year for retrenching and rethinking. 2011 invites us to raise the bar on innovation.

So, what are your goals for driving innovation in 2011 and for increasing your company’s success rates? Click on the Comment link above and share your company’s grand plans for 2011! (Dare ya!)

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Carrie Nauyalis
Written By

Carrie Nauyalis brings her passion, experience, and thought leadership in the product portfolio management industry to her current role as Executive in Residence at Planview. As an EIR, Carrie is collaborating on market research and sharing best practices with Planview prospects and customers. She is an active speaker, MBA guest lecturer, blogger, and vlogger on all things PPM, with warm places in her heart for State-Gate®, innovation, calculating ROI, and agile. Carrie spent 18 years with Planview in various positions, including global consulting, product management, and as the solution evangelist for innovation and new product development. Prior to Planview, Carrie held multiple systems engineering positions with Emerson Process. She earned her Bachelor’s degree from Truman State.