In todays episode of the 'Ten Minute Hit', Damian explains how to start a new product right!
 
One of the best things in working life is starting something new... the excitement, the risk, the uncertainty, and the potential success.
 
It's the most rewarding path to growth.
 
In todays ever increasing markets, companies need to ensure that they are constantly responding with need satisfying and innovative new products.
 
Companies must keep on the lookout for opportunities to differentiate their product.
 
The problem we see is that companies with existing products and existing ways of working, often find it difficult to effectively start a new product.
 
Starting a new product within an established company, ultimately requires managers to act against their normal instincts.
 
Few managers will send their best people to head up a new product development, or allocate millions in investment to new R&D.
 
The reason is the risk this kind of behaviour brings.
 
But to give a new venture a fighting chance you've got to go all in... Playing not to lose isn't good enough!
 
Damian explains 3 areas that companies need to get right, when launching a new product or business area.
 
1. Spend plenty at the outset and put your best people in leadership roles
 
2. Make an exaggerated commotion about the new products potential
 
3. Give the new team some freedom
 
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