What is Product Innovation?

Product innovation can be defined as the creation of new or improved goods or services and their introduction to the marketplace. For more information about the definition of product innovation, click product innovation. After numerous requests to define what product innovation means to me, I have attempted to highlight the main aspects of the definition in this post.

For the more graphic-oriented people, the following illustration captures the essence of what product innovation is about for me:

An idea, even a very very good and new idea is almost always not enough. The most common mistake made by brilliant people with brilliant ideas has to do with realization of an idea into a product or service – without which, no products are born… An essential part of product innovation is creation. Not only of a new idea from a bunch of neurons pulsing around in your brain, but also of a tangible or useable object from that idea. This is the hardest and most innovation-demanding element of product innovation and it is also, unfortunately, the graveyard of most ideas. After creating an idea and a product or service, the next aspect is one where often the more stubborn and unrelenting of people tend to succeed more than others and that’s bringing the product to market. If a product isn’t marketed well, it dies. Plain and simple. If a product is marketed well, even if the product isn’t necessarily the best product in the marketplace, it breathes, kicks, and thrives, and product innovation lives on.

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