Traditional innovation methods have a 17 percent success rate, and new products have a failure rate of up to 95 percent. While these numbers are interesting statistics, they do not give leaders or those developing new product offerings the insight and guidance needed to launch new products, be they internal or external, in a manner that mitigates the risk of failure. It is clear from the numbers above that the traditional methods of planning, developing, and executing new products are sub-optimal and do not prioritize the right outcomes that can help mitigate the risk of failure.
Organizations are increasingly adopting new ways of working, often inspired by startups, to address these concerns and to use hyper agility and velocity to accelerate launching new products and services. The question is no longer "should we launch a new product?" but "how do we know what the best product to launch is?"
One of the frameworks that offer some guidance on developing the best products is 'Lean Startup,' a method that encourages experimentation and learning over multi-year planning, speed over perfection, and "getting out of the building" over groupthink.