10 Steps for Turning a Idea into Cash Flow Corning's 5-step NPD Process Corning's Culture of Innovation Road-Mapping Continuoius Improvement Mindset Technology Commercialization Strategic Innovation Games Innovarsity 7 Routes To High Profits How Turn Ideas Into a Successful Product: 5 Steps, Innovation Process, New Product Development, Corning

 

 

The Jazz of Innovation: 11 Guiding Principles  Download PowerPoint presentation, pdf e-book

Five Steps to Turning an Idea into a Successful New Product

  1. Building Knowledge and Road-Mapping establishing a shared view of trends, discontinuities, and related events that could shape the future; formulating general industry map, event map, and systems map by a cross-functional roadmap team; and developing project portfolio.

  2. Determining Feasibility inventing an innovative product, developing a small working prototype; experimenting with new ideas both in the laboratory settings and with potential customers; defining if the idea can be developed into a product with significant market potential, if proof of concept can be achieved, and if the technology can achieve the intending objectives.  >>>

  3. Testing Practicality developing a larger prototype that reflects the initial product or process concept; testing this prototype both in the laboratory and with target customers; estimating manufacturing costs and overall capital requirements; assessing potential competitor response; raising funds as appropriate.  >>>

  4. Proving Profitability determining whether the product will satisfy a large market need, can be manufactured reliably, and produced at a cost that allows for a profit.

  5. Commercializing and Improving Continuously maintaining sustainable competitive advantage  Download PowerPoint presentation, pdf e-book; building sales volume; gaining market share; and satisfying customer needs. As it is important not to let the product mature, Corning is constantly making improvements  Download PowerPoint presentation, pdf e-book  and seeking new growth markets.

10 Commandments of Innovation  Download PowerPoint presentation, pdf e-book

 

Disciplined Approach to Managing Innovation

Having realized that a disciplined and highly managed radical innovation process for new product development makes the critical difference between success and failure, Corning identified the five steps to turning an idea into a successful new product. General managers oversee a mix of mature and growth businesses, as well as early-stage ventures.

The innovation process is used at Corning not just for product development; it is also applied to achieving process improvement >>>