Look Inside: 5 New Product Development Myths

Why Good People Get It Wrong

Innovators – an organization’s most insightful, contrarian thinkers and creators – need lots of time and space to come up with bright ideas. Dreaming up big, bold new product concepts is a spirited process not to be interrupted, and certainly not to be burdened by the company’s bean counters requesting a price check.  Or so the theory goes. It’s the prevailing mindset about product development; monetizing a new offering is perceived as dirty, detrimental work.

But dig deeper and you’ll find it’s a mindset rooted in myths and misconceptions.

Myth #1:
If you simply build a great new product, customers will pay fair value for it.

Myth #2:
The new product or service must be controlled entirely by the innovation team working in isolation.

Myth #3:
High failure rate of innovation is normal and even necessary.

Myth #4:
Customers must experience a new product before they can say how much they’ll pay for it.

Myth #5:
Until the business knows precisely what it’s building, it cannot possibly assess what it’s worth.

Read more about the five myths and misperceptions with the prevailing mindset:

Download Chapter 3

Up for a challenge? Let’s see if you can crack the pizza and breadsticks puzzle:

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