Turning innovation into profit
Paul Millier, Roger A. Palmer · Strategic Change · 2001
Abstract The generic ‘stage and gate process’ is popularly accepted as a means for managing new product development. It advocates that a development project is divided into a series of pre‐defined decision steps in order to balance investment against perceived market risk and return. Its use implies a number of assumptions — first that the product can be characterized as having features and customers benefits; and second that the market for such a product is identifiable. This paper describes a process to assist decision making where these two assumptions do not apply. It provides suggestions to assist in the management and development of innovation and new technology, advocating that a marketing‐based perspective of supply‐led innovation is adopted. Copyright © 2001 John Wiley & Sons, Ltd.