|P E T E R S. C O H A N & A S S O C I A T E S|
As detailed in Cohan's first book, The Technology Leaders, the most innovative companies are able to renew themselves in the face of changing customer needs, new technologies, and upstart competitors. Simply put, technology leaders sustain their superior performance by creating success cycles.
Success cycles enable innovative companies to generate ever higher levels of cash and insight as they face new challenges and opportunities. Success cycles start when companies blend their people and technology through an effective new product development process. Successful new products generate capital and insight which are invested through the resource allocation process into new people and technology -- thereby beginning the cycle anew.
The profits generated by successful new products are crucial for sustaining innovative companies. However, the insight generated by new product development is crucial for corporate self-renewal. New product development generates insight into external and internal factors. Insight from external factors can help a company adapt to changing customer needs and competing products while learning about internal factors can help a company improve the efficiency and effectiveness of processes such as purchasing, manufacturing, and engineering.
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NEW VENTURE DEVELOPMENT