New Product Development after the Pandemic
Now that the pandemic is subsiding, it’s time to get those new biobased products out into the market.
A recent article by Bob Cooper in the Product Development and Management’s Journal of Product Innovation Management highlights how faster new-product development is more important than ever. Cooper pioneered the original research that led to many discoveries, including the key success drivers in new-product development and the Stage-Gate® Idea-to-Launch process. Omni Tech has the experience and expertise to help companies develop and bring new biobased products to target markets.
We help companies assess new technology, develop the value proposition, and guide market validation. Market research and competitive analysis are used in developing the business plan. As the new product is prepared for commercial launch, Omni Tech assists in strategy development, project management, and regulatory compliance.
One of the most frequently cited challenge in new product portfolio management is too many development projects in the pipeline. To help get focused on the right projects and the right number of projects, consider strategic fit and importance, product advantage and value proposition, market attractiveness, ability to leverage core competencies, likelihood of technical success, risk level, and potential for financial reward.
In the early stages, focused project teams coupled with effective portfolio management lead to fewer but better projects with the increased resources to achieve results faster.
Something to avoid is cutting short key activities such as voice of customer and front-end planning which have a strong impact on new product success. Limited resources and time demands may truncate the process, such as skipping production or field trials given the tight deadline. Project teams, driven by time, may also become too committed to their project and its plan, and fail to pivot when needed.
With a product that has shown potentially substantial economic and environmental benefits, it’s time to commercialize it. As a leading consulting firm in the renewable resource development industry, Omni Tech professionals apply their expertise and knowledge of feedstocks, technologies, product sales, supply chain, policy, financing and environmental impact throughout your entire biobased product development and commercialization cycle.