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1.3 New Product Development

 

Most industry experts would agree that the life cycle of many products and services has shortened considerably over the past number of decades. A clear example of where this trend is very evident is within the software industry. Many technology products in the 21st century have a life cycle of 12 – 18 months compared to 3-5 years a number of decades ago. Further examples of shorter product life cycles are evident across many other industries including, food, pharmaceutical and manufacturing sectors, where the need to constantly invest in the development of new products and services is paramount to maintaining a strong competitive position.

Maintaining this competitive position requires significant resources involving a highly skilled workforce, commitment to financial investments and above all significant time to follow through and develop an idea from concept stage to full launch. In most cases planning any type of new product or service development is a daunting task for many small businesses and one which is better suited to a synergistic approach involving joint collaboration among a number of influential participants. The success of such ventures hinges upon working with partners who share a common vision that can easily be translated into a tangible set of mutually defined goals and objectives. Joint product development is a strong collaborative platform upon which member participants can achieve significant differentiation in the marketplace by combining creativity with innovation in the form of research led new product development.

For an example of joint product development, please read:
• See case: Open Innovation GSK & Oratech (LINK TO PDF)

It is a very interesting business case where both parties are sharing their experiences from the collaboration of joint product development.

Examples of Joint Research Product Development:
• See Case: Pooling Resources with the SDP Alliance (LINK TO PDF)
• See Case: Open Media Platform (OMP) (LINK TO PDF)