The Need for Lean Innovation
As recently as 15-years ago, most markets had few competitors and significant barriers to entry. Management would decide what product to build, budget the work and assign engineers and developers to the project team. New product development projects would often last for many years. Similarly, companies providing services would keep an eye on market competition and take the long-approach for releasing new offerings, often protected from competition by regional control and deep reputation. Today, the internet, open-sourced solutions, and social media have leveled the playing field. Consumers have one-click buying options for new products at their fingertips. New internet-based services disrupt long-standing businesses such as taxi transportation, insurance, legal services and healthcare. Customers will switch quickly and often to better solutions. Every day our world continues to become more complex.…