ABSTRACT
If you ask the man or woman on the street, “what is innovation?” they would probably say new products. It is hard to overstate the importance of this chapter. The majority of R&D expenditures go for new product development (NPD) and introduction. In this chapter, the major issues and perspectives on new products are reviewed, including entrepreneurial orientation, sustainable new products, networks, and crowd sourcing (yes this method produces more big ideas, but they are rarely implemented). Methods and tools to improve NPD are also reviewed. The open innovation paradox is introduced—how can a firm protect their intellectual property when they share any new development challenge with outsiders? Idea sourcing, the revised view of staging the development effort and predicting new product success are addressed in this chapter.
