Product Development Innovation Survey

Product Development Innovation Survey

As a country, the United States is no longer the innovation leader we once were. It is critical that we urgently take action to reverse this trend and reinvest in innovation from our educational institutions to corporations and the government that not only supports innovation but demands it.

These are 20 of the Top 2021 investors in R&D: Amazon, Alphabet Inc., Volkswagen Group, Samsung Electronics, Microsoft, Huawei, Intel, Apple Inc., Roche Holding, Johnson & Johnson, Daimler AG, Merck & Co., Toyota, Novartis, Ford Motor Company, Facebook, Inc., Pfizer, BMW, General Motors and Robert Bosch. Although they are mostly American, they are also based on dollars spent in R&D and not a true measure of innovation.

As the growing Chinese economy rapidly ascends, they will have more money to invest in innovation than the US, likely becoming the world’s largest economy in less than 10 years. But this is not new news, in 1875 and for the preceding 150 years, China was the world’s leading economy followed by the USA, UK, and India.

Innovation was the driver of the young US economy, backed by free education and a republic form of government that helped support innovation.

Education and innovation go hand in hand in driving economies and a higher standard of living, but how do we regain our innovative momentum? It begins with education, and not just reading, writing and arithmetic, but advanced mathematics and science. It begins when companies invest in innovation and not just R&D dollars as tax shelters.

Do at least 59% (Product Development and Management Association data) of all your companies’ new products and services meet their sales and financial goals? That is the success rate of America’s top companies. If not, it is not how much you spend on innovation, it is about having the right people matched to the right process that is needed to get the right products to market.

When was the last time you updated your New Product Development Process? Is it a ROADMAP or a roadblock to success? How do you screen and prioritize products and services for development?

Download the Axiom New Product Development Innovation Survey and give it to 2 or more people involved in New Product Development and analyze how your innovation/NPD process is viewed within your company.

There are 135 total points available per survey. The score indicates the health of product development in your firm based upon the mean score for all surveys combined. N=>500, n=>2,500

  • 112 – 135 points: Your firm is a master of product development
  • 92 – 111 points: Product development needs some fine-tuning
  • 80 – 91 points: Your firm has serious product development issues
  • Less than 80 points: Product development is in major trouble

If you still have any questions about benchmarking your innovation or new product development process, we can help. Email Rob Beachy at rbeachy@axiomcom.com.

 

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