Updated: Jul 8, 2020
Brace yourself before you read these sobering stats from Nielsen about the average cost and success rate of innovation:
A successful new product costs an average of $71 Million to develop!
85-95% of new product launches fail!
These stats are for Consumer Packaged Goods (CPG) specifically, but the trend holds for all industries: Innovation is typically expensive and risky.
The major reason for this is high variation in the process of defining, identifying and quantifying unmet customer needs. Or not doing it at all.
Engineerovation™, my Lean Six Sigma-inspired innovation process based on Jobs-To-Be-Done (JTBD) theory, can significantly reduce this variation, and therefore dramatically reduce the cost, increase the speed, reduce the risk, and increase the success rate of your innovation.