Strategic Technology Development Process

Every company tries to create an offering that the current market needs. Progressive thinking companies often try to create an offering which is not available in the market and there is a demand for the product/services. Thus, they can create a unique position for themselves and thereby can grab a large market share, being first in the market. The concept of ‘red oceanRed ocean’ and ‘blue oceanBlue ocean’ marketplace is discussed, and its relevance to technology development is also highlighted. Shifting value-cost frontier in incremental innovationIncremental innovation and creation of blue ocean market by disruptive and breakthrough innovationBreakthrough innovation is discussed. The reason and need for value creationValue creation for customers and other stakeholders are discussed. A typical product life cycleProduct life cycle and the variation of profitProfit margin during the life cycle are presented. The importance of the timing of innovative product development cycle and introduction of new products is explained in relation to profitProfit generation. Consequence of late product development on the company’s economy is also highlighted. Pricing strategyPricing strategy and the importance of communication of ‘Value propositionValue proposition’ are discussed briefly. This chapter discusses the need for a well-formulated technology development roadmap and the importance of a well-defined problem in enabling the development of the most suitable solution. The reader is introduced to disclosure of inventionDisclosure of invention, various types of intellectual property,Intellectual Property and protection of intellectual property rights. The need for assessment of market and IPRIntellectual Property Rights (IPR) is discussed. The importance of ‘time to marketTime to market’ in the product development process is also touched upon briefly. The reader is also introduced to the need for development of a suitable business modelBusiness model and the use of business model canvasBusiness Model Canvas to create a total overview of the business and identify important potential partners, etc., at a very early stage of product development process.