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Archive for the ‘new products’ Category


Via the SwampFox Insights blog:

“The majority of the world’s designers focus all their efforts on developing products and services exclusively for the richest 10% of the world’s customers. Nothing less than a revolution in design is needed to reach the other 90%.”

—Dr. Paul Polak, International Development Enterprises

The man has a point.

Check out this brilliant website.

A lot of people don’t think of “design” as being all that important, because our daily interactions with “design” are limited to gadgets like the iPod or the latest pair of Oakley sunglasses, or maybe a faucet or something. Maybe we think of design when it comes to cars and clothes and furniture. But smart design can also save thousands of lives every day. Yes, something as seemingly superfluous as “design” can change the world. (Starting with the first tool, taking a detour via the wheel, and fast-forwarding to the millions of things we now take for granted, like the plasma TV, the hybrid automobile, the artificial heart, and even the ubiquitous bottle of Coca Cola.

If you aren’t the humanitarian type and couldn’t care less about saving lives, bear in mind that design can also create entirely new markets. (We just talked about getting there before the herd, so your ears should be perking up just about now.)

How can smart design can create new markets? According to this article in the New York Times entitled “Design That Solves Problems for the World’s Poor” (annoying subscription required):

“A billion customers in the world, are waiting for a $2 pair of eyeglasses, a $10 solar lantern and a $100 house.”

For starters.

That’s something to think about. Not in terms of exploitation, but in terms of wealth and opportunity creation. (The development of the easy-to-use, virtually crunch-proof windup $100 laptop – specifically designed to introduce computers and the internet to 3rd world children – is probably among the most ambitious of these types of endeavors, but also a great example of how we can start to create opportunity in regions of the world in which mere survival is still the order of the day.)

While everyone else is trying to appeal to the richest 10%, maybe, just maybe, the real opportunities are elsewhere. Maybe the time to get into these markets is before they even exist. The seeds are being planted now. The herd is starting to gather. Maybe by the time the market exists and the pastures are green and lush, you’ll find yourself in the back again. Maybe you’ll kick yourself in the butt for not having made a move sooner. (History repeats itself.)

What if you could create one of the most lucrative companies of the 21st century AND save tens of thousands of lives at the same time? What if you really could be enormously successful AND help save the world all in one fell swoop? What if you could have your cake and eat it too?

In this economy, perhaps these are questions worth asking yourself – especially if you are a US or Western European manufacturing company looking for a reason to go on.

Don’t even approach the problem from a humanitarian standpoint if you don’t want to. Approach it from a business standpoint. Here’s the problem you need to solve: 90% of the planet’s population wants something that they probably can’t get very easily. All you have to do is figure out what that is, how much they’re willing to pay for it, and how to get it to them. It could be a mode of transportation. It could be a light source. It could be a sanitary product. It could be food. It could be a garment. It could be knowledge. It could be something as simple as a tougher bicycle wheel. It could be anything.

There is no single answer. There are probably thousands upon thousands. And that’s exciting.

Whatever it is, it could also have applications right here, where the richest 10% of the world population lives and eats and shops 24/7/365.

It might even be a better option than trying to become the next Google.

Food for thought.

So… what are you working on right now?

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Yeah… So a few years ago, I was sitting in this Senior VP’s office (She was responsible for about $56M in annual sales), and we were discussing the fact that her company’s sales were kind of flat. Inventories were growing. Margins were eroding. She blamed “those damned Chinese imports” and price cuts she couldn’t keep up with for her company’s stagnant sales. When I started talking to her about product innovation, she made a face and said something along the lines of “We’re not an innovating company. It’s just not what we do.”
Duh.

She also wasn’t too keen on the value of brands – unless of course you happened to be talking about Prada or Chanel… which always kind of puzzled me: She understood and appreciated the power of brands… but couldn’t see the value of the one she was being paid to strengthen.

Two years after that meeting, when the company’s competitors – including many of the damned Chinese imports – started coming out with cool, smart, appealing designs, she was overheard exclaiming “hey, why couldn’t we come up with that?”

Cute. Marie Antoinette contemplating brioches as the mob approached the palace gates.

Please don’t be this lady. And don’t be that kind of company either. There’s just no reason for it.

The good news: Innovation isn’t necessarily expensive. The bad news: If you don’t get with the program fast, your days are numbered.

1.
“To create innovate products, we have to secure insights not only into the products and but also into their business opportunities by having an observant and empathetic view of the world… Only T-shaped people, who have well rounded personalities and broad interests, can obtain such viewpoints. Sophisticated engineers who do not understand the market and customers will never devise items, which have a shot at becoming a grand slam…

“In Korea, just engineers are responsible for creating products. They can make good products, which sell pretty well. But that is not enough at all. We need trend-defining merchandise that makes our competitors invalid, just as iPod or RAZR did. Towards these ends, we need more T-shaped people than narrow-sighted engineers. Local firms have to change their recruitment policy.” — Tom Kelley –

2.
“Any U.S. technology company hoping to remain competitive with global rivals and exploit new market opportunities — whether it is Internet search or China (or both!) — must make a commitment to hiring, developing and rewarding top-level R&D talent. The lesson is clear: technology companies must first win the battle for R&D talent before they can win the battle for market share. The cliché that “the company’s most valuable assets walk out the door each night” has never been truer. Time and time again, companies with the best R&D talent win the battle for market dominance.” — Dominic Basulto –

3.

Australian business magazine BRW has released its list of the Fast 100 – top Australian companies that are innovating their way to success. After pointing out that “problem-solving and constant curiosity are at the heart of innovation for fast-growing companies,” BRW goes behind the scenes at 100 up-and-coming Australian companies that have made innovation a key component of their future growth plans. At the end of the article, BRW provides a handy innovation scorecard:

75% Of BRW Fast 100 companies say they have developed a unique product or service

20% Say revenue growth this year will come from new products and services

78% Personally champion innovation

75% Search the world for new ideas

93% Encourage employees to be creative and innovative

72% Are satisfied with the financial return on their investment in innovation

4.

Fact: “Most executives underestimate their company’s resistance to change. That’s a big reason why half of all new initiatives fail… managers don’t start with a plan to get enough buy-in.” — Laurence Haughton

Okay… so now that we’re all on the same wavelength…

On January 30 at 12:00pm ET, bestselling author Laurence Haughton will be leading a free online workshop called “More Buy-In for New Ideas and Innovations.” During the presentation, Laurence will help business leaders arrive at a strategy to overcome resistance to change and improve follow-through rates within the organization. Registration is free (and relatively painless) by clicking here.

Thanks to Dominic Basulto over at The Business Innovation Insider for the heads-up.

Have a great Monday, everyone.

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