Should we try to develop completely new products, or to improve existing ones?

In practice, most new products are improvements on existing products. Although improving an existing product might seem to have less potential than developing a completely new product, it is often enough to give you a competitive edge in a proven market.

Improving existing products is generally easier and less risky than developing completely new ideas. You are likely to have a better understanding of the technologies involved and customer preferences for that kind of product. The development process is usually less complex, requires less investment and can be completed more quickly. That said, if you manage to successfully develop and protect a ground-breaking innovation – something that really is a first – the rewards can be huge.

Posted in: Product Design