A model for assessing ideas for new venture products
This paper describes a process of generating a new product idea based on activities observed in a real-life case. A model is proposed that adapts the approach used by venture capitalists in developing new products. The application of this model draws empirical data from the field. Sometimes the product idea extracted is already patented; permission may be required from the owner to manufacture by a licensing arrangement, or to modify the product. Even if the product is not patented, it may be advantageous to form a strategic alliance with the current product supplier. The R&D manager of a SME may use it to build a learning system in the firm to screen product ideas from the market for reconfiguration. The use of this model is considered reliable, predictable and less risky. It has the benefits of being low cost and a fast process suitable for the e-business environment.
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