Product innovation is the development and launch of a product or service that improves things by 10x or more. Where most products are developed to establish a unique position in a crowded market, product innovation may aim to replace the entire market with something new. This is a difficult thing to achieve and true innovations are rare. The following are common types of product innovation.
TimeReducing time consumption including things that improve productivity or represent a customer convenience. For example, software that reduces the time for an interior decorator to produce a floor plan from 4 days to 4 hours.Reducing the inputs required to achieve a goal. For example, it currently costs around $10,000 a pound to launch things into orbit. It is believed that this can be reduced to less than $100.
CostReducing the cost of products and services. For example, the cost per watt of solar panel modules dropped from around $75 in 1974 to less than $0.50 in 2017.
PerformanceThe performance of products and services as measured by a figure of merit. For example, the speed of computers has approximately doubled every two years since 1975.Leaps forward in the quality of products in areas such as availability, durability and reliability.
The product experience including intangible elements such as concepts, feelings, taste, sight, sound, touch and smell. Reducing risks such as improving the safety or sustainability of products.
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