Integrating New Products with Licensed Properties
Demands on new product development have greatly increased over the last decade with increased need for speed to market, lowering risk, and increased revenue. But innovating and creating new products through partnerships such as licensing, while effective in addressing these challenges, can be even more complicated and fraught with pitfalls than innovating from within. Licensing requires two companies from different industries, with different expertise, different processes, different values, and different…..you get the picture…to come together in order to deliver for consumers. In order to successfully cut through that added layer of complexity, partners need a strong collaboration framework to guide their work. With some key adjustments for the elements licensing throws into the mix, the Stage-Gate Product Innovation Process, created by Robert G. Cooper and Scott J. Edgett, is an incredibly effective way to navigate a collaborative product development process.