Product or Service

The Knowledge Economy as we know it is being eclipsed by something new – call it the Creativity Economy. U.S. companies are evolving to the next level of economic activity.

What was once central to corporations – price, quality, and much of the left-brain, digitized analytical work associated with knowledge — is fast being shipped off to lower-paid, highly trained Chinese and Indians, as well as Hungarians, Czechs, and Russians. Increasingly, the new core competence is creativity – the right-brain stuff that smart companies are now harnessing to generate top-line growth. The game is changing. It isn’t just about math and science anymore. It’s about creativity, imagination, and, above all, innovation. _BUSINESS WEEK

Some questions about developing your products that need to be addressed if success can be achieved:

How is your companies understanding emerging market needs, and converting that understanding into successful new products?

How can you predict if an idea is good?

What organizational factors lead your new product to success or failure?

What is the role of design in your new product success?

How can you measure the return on innovation?

This product vision model helps team members pass the elevator test — the ability to explain the project to someone within two minutes. It comes from Geoffrey Moore’s book Crossing the Chasm

* For (target customer)

* Who (statement of the need or opportunity)

* The (product name) is a (product category)

* That (key benefit, compelling reason to buy)

* Unlike (primary competitive alternative)

* Our product (statement of primary differentiation)

For any product, but particularly those with high uncertainty for which significant requirements changes are anticipated, creating a product vision statement helps teams remain focused on the critical aspects of the product, even when details are changing rapidly. It is very easy to get focused on the short-term issues associated with a 2-4 week development iteration and lose track of the overall product vision.