Many companies lack a formal product development unit. Instead, ideas are casually pitched to the CEO, and the next steps depend on their mood at the moment. This approach often falls short in delivering consistent innovation, resulting in products and services that closely resemble competitors’ offerings.
If you’re a monopoly, your products might become stale over time. To stand out, you need innovative ideas that provide real value to your customers.
The challenge? You may not have the resources to hire a full-time R&D team, and even if you could, you might not trust newcomers to handle the job effectively. So, how can you consistently set your offerings apart from the rest?
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