Innovation of new products drives competitive advantage across industries. Generating ideas is the first step. Closing the gap between idea generation and product commercialization is a complex blend of vision, business savvy, experimentation, failure, and success.
The cost of developing new products is challenging traditional business approaches to product development. Increasingly, partnerships between industry and academic institutions/startups are driving new technologies to the marketplace. In 2009, more than 60% of Merck’s revenues could be attributed to alliance products and patents.
The landscape for successfully developing new products continues to require business strategy as well as a culture of innovation and creativity. Cost constraints, regulations, and competitive pressure are compelling companies to rethink how to be nimble in a new environment. Partnerships and collaborations between industry and academia are overcoming these challenges and providing a new competitive advantage for emerging technologies.