In a time when innovation and new product development are vital to remain competitive, large organizations are looking for ways to generate and execute new product ideas while mitigating risk. Increasingly, these companies seek to create a startup culture as a means to generate innovation.
Developing an efficient mechanism for getting products from the idea phase to initial prototype (and then to market) has significant benefits:
- Quicker idea validation.
- Cheaper and lower risk idea evaluation versus a full blown product launch .
- Management has the opportunity to be involved in product evaluation, rather than being removed from the product development and validation process.
This involves instituting processes to quickly convert ideas, even if they are only 25-50% complete, into live products that can be placed the hands of potential users or testers.Rapid prototyping has several requirements and attributes, including:
- Robust and flexible product development expertise, as the ideas may be broad in nature.
- Expedited development capabilities, often executed without a complete set of user requirements.