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Seventy percent of all new products introduced in the USA fail and are taken off the market within three years. And these failures come from large companies, many of which are Fortune 500 and advertise with Super Bowl TV commercials. There are a number of reasons these products fail, but perhaps the most common is the lack of or ignoring of Voice of the Customer research.
Lean Ideation is a step-by-step process of developing an idea, including finding the idea if none exists, through commercialization and into the first three years of product life. The goal is to help companies move into the 30% successful range on new products introduced.
The process in Lean Ideation was developed by studying and focusing on two key fronts: 30 years of new product development, and the study of and implementation of the Toyota Production System. Anyone involved with product development will benefit from reading Lean Ideation.