Innovation Funnel
What specific challenge does the Innovation Funnel address for organizations?
Managing risk and reducing uncertainty in the innovation process
What type of analysis is crucial during the concept generation stage?
Market analysis, customer needs, and emerging trends analysis.
Why do companies use forecasting when planning new products or services?
To predict future demand and trends, enabling proactive rather than reactive planning.
What is the first step in conducting a risk assessment?
Identifying potential risks that may affect the project or organization.
Which structure separates team members into their individual departments, limiting collaboration?
Functional structure.
What type of innovation focuses on improving existing products with minimal risk?
Incremental innovation
What is the primary goal during the product development stage?
To turn concepts into prototypes or service models and refine them through iterative testing.
How can a company use customer surveys to support its forecasting efforts?
To gather insights on customer preferences and market trends.
What does risk assessment analyze to evaluate a risk?
The likelihood of the risk occurring and its potential impact.
What role does the project manager play in a lightweight product manager structure?
Oversees coordination across departments but has limited authority over team members.
What tool is used at checkpoints to decide if a project should continue?
The stage-gate system
What specific decision-making tool can be used to evaluate project feasibility in the second stage?
The stage-gate model.
What forecasting method involves gathering insights from industry experts?
Delphi or expert opinion.
Name one external factor that should be considered in a risk assessment.
Market trends or technological changes.
In which structure do team members work exclusively on one project full-time?
Project execution teams.
What happens in the screening and evaluation stage of the Innovation Funnel?
Ideas are filtered based on feasibility and potential to focus on the most viable ones.
What aspect of the commercialization stage ensures the product aligns with customer expectations?
Effective planning, including production scaling, distribution, and marketing strategies.
How can scenario development prepare an organization for economic shifts?
By imagining multiple potential futures to plan for uncertainties and build resilience
How does risk assessment support better decision-making during innovation?
By reducing uncertainty and highlighting potential challenges and opportunities.
What distinguishes the heavyweight product manager structure from other models?
The project manager has significant authority over both functional team members and strategic decisions.
How does the Innovation Funnel help organizations avoid wasting resources?
By ensuring only the most promising ideas move forward through structured decision-making
What is one reason cross-functional collaboration is essential in product development?
Answer: It ensures technical and market requirements are met, reducing delays and improving outcomes.
How does forecasting help determine if an innovative idea is profitable?
By calculating potential return on investment and prioritizing the most promising ideas.
What are the three key benefits of conducting a thorough risk assessment?
Preventing costly mistakes, maximizing potential rewards, and fostering innovation.
What should an organization consider when selecting a structure for product development?
The complexity of the project, available resources, and organizational goals.