ABSTRACT
Why product innovation matters to companies .................................................................... 412 Spending on product development ......................................................................................... 415 Developing biotech and medical devices ............................................................................... 417 Avoiding the open-source virus ............................................................................................... 419
For a high-technology entrepreneur, development of a product or service may seem to be one of the most familiar or straightforward aspects of the startup company. However,
developing a good product simply isn’t enough. According to Robert Cooper, for every seven new product ideas that companies put forth, approximately four enter the product development phase, approximately one and a half are launched, and only one will succeed (meaning only 15%–20% of new product ideas will ever be a success with consumers). To produce a product that consumers want to buy, collaboration between the engineers, scientists, and technologies developing the technology and the marketing and sales personnel reaching consumers is crucial.
