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.

  

Internal Ventures at Corning

Corning's Culture of Innovation

  

 

 
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  

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.

  

 

 

 

 
   

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, product roadmap, event map, and systems map by a cross-functional roadmap team; and developing project portfolio.

  

Strategic Innovation Road-Mapping

Product Roadmap

Technology Strategy

Technology Mapping 

 

 

 
 

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.

  

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  INNOBALL simulation game

 

 

 

 
 

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.  >>>.

  

New Product Testing Tips

Beta-Testing a New Product

Learning SWOT Questions

 		 

 

 
 

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; 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 and seeking new growth markets.

  

3 Strategies of Market Leaders

Beta-Testing a New Product

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