How Product Managers can avoid innovation traps Part#1 touched on two innovative traps that ProductManagers may encounter:
#2. Process: subjecting innovative efforts and projects to the same rigor, reviews and filters as standard business as usual (BAU) will stifle innovative growth.
The wrong company structure could easily hinder innovation. However a key part of the Product Management function is to collaborate with stakeholders from across the company in order to collate possible ideas for future product development and product enhancement as well as to smooth the way for the implementation of such ideas.
CBS was once the world’s largest broadcaster and owned the world’s largest record company, yet it failed to invent music video, losing this opportunity to MTV. In the late 1990s, Gillette had a toothbrush unit (Oral B), an appliance unit (Braun), and a battery unit (Duracell), but lagged in introducing a battery-powered toothbrush. The likelihood that companies will miss or stifle innovations increases when the potential innovations involve expertise from different industries or knowledge of different technologies. Managers at established organizations may both fail to understand the nature of a new idea and feel threatened by it.
- Relationships need to be built and maintained,
- People need to buy-in to the ideas,
- Colleagues need to speak up for your innovative ideas at meeting that you don’t attend,
- Unhealthy competition between R&D teams needs to be put to rest.
How Product Managers can avoid innovation traps #part 1
The innovation value chain and Product Management
Innovation the classic traps