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Even in today's technological world, the old saying "Invention is 1% inspiration and
99% perspiration" still remains true. Getting the most out of that "1% inspiration," however,
is critical, and one way to do this is to plan and think ahead.
Every company—small or large—uses some process to choose the
products it's going to develop in the future. In smaller firms, where resources
are scarce, this selection process is usually less formal. Larger firms often
have the resources to formalize this process, but easily get bogged down by
bureaucracy. Despite these hurdles, all technology firms must understand the
role and value of new product ideas in their future.
Thinking through the process by which these ideas are generated and then
selected for development can be revealing. Even if the company cannot pursue
these new ideas now, it will be better prepared for the time when resources
and opportunities do become available.
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