Although not a new idea, Open Innovation is creating buzz among the bigger players as a way to be more fast and flexible developing new products. Go and find the best-in-class partners and start creating that world-class product. Take care, prepare, and make sure everyone has some skin in the game.
Early stage gates in the pipeline should examine risk – technical risk, market risk, manufacturing risk, regulatory risk, supply chain risk, etc. A well managed pipeline has procedures in place to identify areas of risk and prioritize the risk for further assessment and evaluation. The process of assessing and addressing risk is an excellent, cost effective means of advancing the product pipeline in lean times.
