It is generally acknowledged that the process of innovation within the new product development arena is fraught with risk. So, why do it at all? Why do businesses and entrepreneurs innovate or invent new things?
Well, if they completely stopped innovating, they could fall behind in the marketplace, as a product becomes deemed unfashionable or outdated. In order to stay ahead of the competition and keep up with current trends, needs and wants, it’s important to look to the future and embrace change as part of the overall business strategy.
Many businesses do just that and undergo a process of purposeful innovation, employing a research and development team of people whose job it is to continually innovate. Of course, in a crowded market, with multitudes of patents to reference, it is absolutely crucial that due diligence is undertaken by companies to check that they are given permission to proceed, in other words, have the freedom to operate (FTO).
A high proportion of consumers are always on the look out for the next best or new thing to emerge on the shelves, so to speak. As a consultant mechanical design engineering company, we are therefore kept busy with design modifications, new drawings and concepts. However, it is important to note that everyone involved with new product development is nowadays better attuned to producing a product that is more sustainable and environmentally friendly, compared with what has gone before. So, whilst we look forward to creating a new product, this aspect must be at the forefront of all our minds.
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