Product Innovation Expert Scott Edgett Highlights a Key Reason for New Product Failures
ANCASTER, ONTARIO, CANADA (April 18, 2012) - In a recent interview with PROFIT magazine,
Dr. Scott J. Edgett reveals a significant area that results in many new products not achieving
the success levels that businesses reach for. As Dr. Edgett explains, “Most product
failures are caused by mistakes in the business-planning stage.”
In his latest benchmarking research study, New Product
Development: Process Benchmarks and Performance Metrics, Dr. Edgett further examines
new product failure rates, specifically how companies’ new product development
projects are meeting objectives in three areas: profit, sales, and market-share. A key
finding, and a concerning one for executives, shows that for the average business, approximately
half of new product projects fail to meet their objectives.
Dr. Edgett’s benchmarking research study also examines the best practices in new
product development that businesses can implement to improve product innovation performance.
The study provides an opportunity to benchmark the business’s new product process
performance against peer companies, including some of the world’s top organizations.
With 60+ indicators of new product performance, 200+ companies assessed, the benchmarking
study is an excellent reference that demonstrates achievable performance and practices
companies will want to ensure they do not fail on when developing new products.
Dr. Edgett’s comments are featured in PROFIT magazine’s recent feature “The
Inventor’s Playbook”, which provides tips and strategies to take concepts from
idea through to launch.
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About Dr. Scott J. Edgett
Dr. Scott J. Edgett is internationally recognized as one of the world’s top experts in product
innovation and is the pioneer of portfolio management for product innovation. He is a high profile speaker
and sought-after consultant. Dr. Edgett has had extensive experience working with large multinational
clients in a variety of industries, principally focusing on issues affecting innovation leadership and
capability. He is credited with helping business executives and innovation professionals successfully
implement world-class innovation processes that have generated outstanding results. His speaking engagements
and consulting work have taken him around the globe to work with some of the world’s best innovators
and companies among the Fortune 1000.
Dr. Edgett is Chief Executive Officer and co-founder, with Dr. Robert G. Cooper, of both
Product Development Institute and Stage-Gate International. He has spent more than 20 years
researching and developing innovation best practices and working with organizations in
product innovation. He is a prolific author having coauthored eight books including the
Management for New Products, 2nd Edition’ and has published more than 60 academic
articles. Dr. Edgett is a former Professor of the Michael G. DeGroote School of Business,
McMaster University in Ontario and is a Faculty Scholar at the Institute for the Study
of Business Markets (ISBM) at Penn State University.
About Product Development Institute
Product Development Institute is dedicated to helping companies improve their approach
to new product development and portfolio management. The Institute has conducted some of
the world's most comprehensive research and best practices in new product development -
research that has led to some of the most important discoveries in product innovation such
as: the widely used Stage-Gate® system; the concept of New Product Portfolio Management;
and the Innovation Diamond™ Framework.