Beyond demonstrating technical competency, I assert that open innovation R&D gatekeepers also should act as product champions. They should be empowered to recognize, build a case for, and advocate select external submissions as fledgling new business opportunities. The following example dramatizes my point, applying a real-world technology.
R&D routinely acts as the gatekeeper for external innovation submissions. They are well-positioned to judge whether an inbound submission is consistent with need, and also how it compares with other technical candidates and benchmarks.
Putting "Pelts" Up on the Board
Stay Focused on Success Factors
A bunch of years ago, while working in new product development marketing for a consumer products company, my colleague Allen McCormick neatly described for me how he viewed success in his role. "Putting pelts up on the board."
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Kid, You're Gonna Be a Star!
My company represents numerous technologies and products. Some are emerging as "breakout" stars.
I've discussed numerous times in this newsletter that it can be enormously challenging to establish matches between technology providers and corporate customers. Many more times than not, and for a variety of reasons, enthuisastic new business development efforts do not produce desired results. Other times, I am able to help make some very good things happen (I just can't talk publicly about most of them!).
Positive progress can result from being the "right one at the right time" with the right prospect, based on an understanding of their needs. It can occur from making a persuasive case for an appealing new opportunity. Among my most recent technology clients, two are in the process of achieving "breakout" status. The "transforming" wipe technology (described in prior newsletters) is now entering a development agreement with a global consumer products company. Also, several customers of my client's patented compresssion "green" packing process have requested proposals for a technology license and to purchase presses. Very encouraging and very exciting!
A third technology is an outstanding, topical anti-cellulite treatment whose performance has been dramatically demonstrated in a 3rd party extended use consumer study. I will showcase this technology in next week's newsletter. I have no doubt that we will be fielding multiple "suitors" once its identity is revealed. This statement is a bit of a tease...but it is not at all intended as hype. It is the real deal, and promises to be among the easiest "sells" I've ever undertaken. A most welcome development.
It is often said that failure can promote valuable learning. Unfortunately, professionals are rarely given the opportunity to fail repeatedly. So, what does this teach us?
Understanding customer rationale is a necessary precursor to addressing their objections.
Helping Clients To Create New Business Opportunities By Solving Their Technology Challenges.
Since 2005, BFS Innovations has provided Fortune 500 clients an array of custom technology solution options to address thorny product development challenges.