Accelerating innovation: Some lessons from the pandemic

Abstract

The Pandemic taught us that accelerated new-product development is more important than ever, and provided examples of firms developing breakthrough products in record time. Five approaches to accelerated development are outlined here: The first two deal with adequately resourcing new-product projects, namely the use of focused teams; and effective portfolio management to prioritize projects and reallocate resources. Newer digital tools are outlined that speed new-products developments. Finally, two development methods are described that move development projects faster: Lean development and Agile development. Accelerated development also has hidden costs: undertaking less innovative projects and cutting too many corners. Although important, the topic is under-researched, and the limited research has yielded inconclusive results about acceleration's expected benefits.