Of the more than 30,000 new products introduced every year, 95 percent will fail, according to the late Clayton Christensen. And the average cost of launching a new product in the U.S. is on the rise. The average cost of bringing a new product to market in the U.S between 1997-2010 was $15 million, according to a Forbes study. Currently, the average R&D investment to bring a new product to market is $25 million.
Emerging technologies such as machine learning, artificial intelligence (AI) and internet of things (IoT) pose new challenges, risks and opportunities for organizations and innovators - especially in light of the growing popularity of connected devices. Engineers are tasked with selecting the best design platform for their needs, collaborate in real time with global teams and make product changes and improvements simultaneously - while ensuring that the final solution tackles a major challenge and positively impacts society.
In this panel, we'll discuss:
- Types of innovation -- incremental, disruptive, architectural and radical -- and how each translates for an organization
- Current trends in product development
- Designing products for the connected world (drones, wearables, robots, automated cars)
- Modern tools innovators are utilizing to design in real time
- Mentoring and training future innovators