• Login
    • Join
  • FOLLOW:
  • Subscribe Free
    • Magazine
    • eNewsletter
    Checkout
    • Magazine
    • News
    • Research
    • Markets & Technologies
    • Raw Materials
    • Top Companies
    • Directories
    • Jobs
    • Events
    • Microsites
    • More
  • Magazine
  • News
  • Research
  • Markets & Technologies
  • Raw Materials
  • Top Companies
  • Directories
  • Jobs
  • Events
  • Microsites
  • Current / Back Issues
    Features
    Business Corner
    Editorial
    Digital Edition
    eNewsletter Archive
    Our Team
    Editorial Guidelines
    Subscribe Now
    Advertise Now
    World Reports
    eBook
    Top Features
    CPMA Celebrates 100 Years of Leadership for the Color Pigments Industry

    Aerospace Coatings Market

    Energy Curing and Coil Coatings

    Lab/Testing Equipment Update

    High Performance and Special Effect Pigments
    Breaking News
    Online Exclusives
    Distributor News
    Financial News
    Paint & Coatings Manufacturer News
    People In the News
    Price Increases
    Product News
    Raw Materials & Equipment
    Video Bites
    Suppliers News
    Live From Shows
    Top News
    AkzoNobel Vehicle Refinishes, Solera to Enable Data-Driven Sustainability

    Weekly Recap: BASF, ColorVision and Ennis Flint by PPG Top This Week’s Stories

    AkzoNobel to Sell AkzoNobel India to JSW Group

    PPG Revitalizes School in France as Part of COLORFUL COMMUNITIES 10-year Celebration

    Safic Alcan to Distribute Evonik Functional Silanes in Central Eastern Europe
    Top Companies report
    Market Research
    White Papers / Tech Papers
    Technical Papers
    Product Spec Sheets
    World Reports
    Adhesives and Sealants
    Aerospace Coatings
    Architectural Coatings
    Automotive Coatings
    Automotive Refinish
    Business Operation
    Color Trends & Forecast
    Construction Chemicals
    Corrosion Control
    Industrial Coatings
    Laboratory Equipment
    Marine Coatings
    Market Trends & Forecast
    Powder Coatings
    Production Equipment
    Radcure Coatings
    Special Purpose Coatings
    Wood Coatings
    "Green" Coatings

    AkzoNobel Vehicle Refinishes, Solera to Enable Data-Driven Sustainability

    PPG Revitalizes School in France as Part of COLORFUL COMMUNITIES 10-year Celebration

    Jotun Joins RightShip’s Zero Harm Innovation Partners Program

    Tnemec Launches New Waterborne Epoxy Products

    Disney, Pittsburgh Paints Relationship Survives Mayhem of Stitch
    Additives
    Binders
    Pigments
    Solvents

    Safic Alcan to Distribute Evonik Functional Silanes in Central Eastern Europe

    CPMA Celebrates 100 Years of Leadership for the Color Pigments Industry

    Orion S.A. Earns 10 Safety Awards from ICBA

    OXERRA Expands Augusta Facility to Enhance U.S. Distribution Capabilities

    Münzing Expands U.S. Operations with New Production Facility in South Carolina
    Company Capabilities
    Buyers Guide
    Distributor Guide
    Add New Company
    International Buyers Guide Companies
    Evonik Corporation

    Patcham USA

    Shepherd Color Company, The

    Gehring Montgomery Inc

    Vibrantz Technologies
    Industry Events
    Webinars
    Live From Show Event
    Top Events
    West Africa Coatings Show

    ABRAFATI SHOW 2025

    Paint Bangladesh 2025

    Paint Expo Eurasia

    CEPE Annual Conference
    Companies
    White Papers/Tech Papers
    Product Spec Sheets
    Equipment
    Literature/Brochures
    Videos
    International Buyers Guide Companies
    Evonik Corporation

    Patcham USA

    Shepherd Color Company, The

    Gehring Montgomery Inc

    Vibrantz Technologies
    • Magazine
      • Current / Back Issues
      • Features
      • Editorial
      • Business Corner
      • Digital Edition
      • eNewsletter Archive
      • Editorial Guidelines
      • Subscribe Now
      • Advertise Now
    • Breaking News
    • Directories
      • Buyers Guide
      • Distributor Guide
      • Corporate Capabilities
      • Trade Associations
      • Add Your Company
    • Markets & Technologies
      • Adhesives and Sealants
      • Aerospace Coatings
      • Architectural Coatings
      • Automotive Coatings
      • Automotive Refinish
      • Business Operation
      • Color Trends & Forecast
      • Construction Chemicals
      • Corrosion Control
      • Industrial Coatings
      • Laboratory Equipment
      • Marine Coatings
      • Market Trends & Forecast
      • Powder Coatings
      • Production Equipment
      • Radcure Coatings
      • Special Purpose Coatings
      • Wood Coatings
      • "Green" Coatings
    • Raw Materials
      • Additives
      • Binders
      • Pigments
      • Solvents
    • World Reports
      • Africa Report
      • China Report
      • India/Asia Pacific Report
      • Europe Report
      • Latin America Report
      • Market Research
      • Russian Report
    • Top Companies
    • Online Exclusives
    • Glossary
    • Slideshows
    • Experts Opinions
    • Blog
    • eBook
    • Infographics
    • Videos
    • Podcasts
    • Whitepapers
    • Jobs
    • Microsites
      • Companies
      • White Papers/Tech Papers
      • Product Spec Sheets
      • Equipment
      • Literature/Brochures
      • Videos
    • Events
      • Industry Events
      • Live From Show Event
      • Webinars
    • About Us
      • About Us
      • Contact Us
      • Advertise With Us
      • Privacy Policy
      • Terms of Use
    Business Corner

    Challenging Your New Products Ideas: Decision Making Considerations (Part I)

    New products and innovative technologies represent the promise of opportunity for revenue growth for a company.

    Challenging Your New Products Ideas:  Decision Making Considerations (Part I)
    Figure 1: Example of a Basic Stage Gate Process
    Challenging Your New Products Ideas:  Decision Making Considerations (Part I)
    Figure 2: Fundamental Consideration in New Product/Technology Decision Making
    Challenging Your New Products Ideas:  Decision Making Considerations (Part I)
    Figure 3: Second Tier Decision Considerations
    Gary Shawhan, Chemark Consulting04.15.20
    New products, innovative technologies represent the promise of opportunity for revenue growth for a company. Determining and then navigating the path forward into the marketplace is never easy. For each new product/technology ventured forward, the percentage of commercial successes, as contrasted to its aspirations, is low.

    Entrepreneurs, small-to-medium sized companies with novel, innovative products and start-ups are especially prone to falling short of their business aspirations and original expectations. Perhaps the most fundamental reasons for this result include:
    • The product, technology or service are more ideas than market-ready products.
    • Limited resources are in place to fully characterize and assess the market situation. A business plan has not been developed.
    • The business case has not been sufficiently analyzed to provide a realistic and viable financial picture.

    The reality is that enthusiasm, without a well thought out assessment of the market and what is required to take a unique and often exciting idea forward into the market, has a low probability of success.

    Corporations and larger companies, in general, have the individual resources that can provide the market information and organizational support needed to reduce these risks and increase the chances for commercial success. Processes and protocols are typically in place that screen new product/technology options. These processes often precede the initiation of any serious work on a new product development project. In most cases, the value of continued resource support (for a given project) is reviewed and vetted against competing projects.

    The Stage Gate process (Figure 1) is representative of a structured approach to managing new product/technology ideas. The greatest value for taking this type of approach is that it maintains alignment between the company’s business objectives, strategies and goals with the resources that are made available to support the research and development effort. A process such as this also adds depth to pre-commercialization preparation. Laboratory testing, compliance considerations, field test validations and applicable specification work are among these preparatory activities.

    Smaller organizations and entrepreneurial companies typically do not have processes such as Stage Gate integrated into their company. There are some advantages to this situation. Perhaps the most important of these is the freedom and latitude it can provide for creative thinking in the organization. Ideas are more likely allowed more time to evolve into valid product or technology opportunities for the company.

    Somewhere early in the process of taking an idea and moving it forward to potentially becoming a commercial product there are fundamental questions that should be asked. These basic questions, as highlighted in Figure 2, are intended to challenge those involved in advancing new products/technologies ideas forward to better qualify their actual viability and potential value to
    the company.

    As highlighted in Figure 2, there are four key questions you need to challenge yourself with before advancing new ideas forward. First, is it real? Is the market (or markets) real that is being considered and do the actual opportunities fit with the product idea being proposed? Separately, is the product itself real? It becomes very important to make sure enthusiasm and excitement don’t compromise the need for a practical view of what is actually being considered as a viable product for the marketplace.

    Second, can we win? Can the product be competitive? Assessment of the competitive situation in the market (for the product or technology) should be realistic. Never assume the expected features and benefits of a given product, by themselves, will win when brought to market. On a broader scale, can our company be competitive? This involves many considerations that require taking a realistic look at the ability of the company to compete within the targeted market space.

    Third, is it worth it? Nothing is more fundamental than determining whether “it” will be profitable. Many things go into determining the profitability and return that the company can expect from pursing and launching a new product into the market. Even if the early assessment of profitability is promising, a review and a periodic reassessment of this view are necessary. Often this picture changes on the path toward commercialization. Does it satisfy other company needs? Having a clear set of company business goals and objectives, both short and longer-term, provides a guidepost to determining the value of advancing a product idea forward through the go-to-market process.

    Fourth, is it compliant? Current and pending regulatory requirements clearly need to be known as they apply or may apply to the product. Identification of regulatory hurdles or potential barriers-to-market entry is critical early-on. Understanding and identifying pending or potential future regulatory actions that can impact the product being considered for commercial sales is necessary to avoid potential risks and unexpected financial burden to the company down-the-road.

    In Part II of this article, we will discuss many of the underlying issues within each of the four decision making consideration areas as highlighted in Figure 3. 
    Related Searches
    • case
      Loading, Please Wait..
      Breaking News
      • AkzoNobel Vehicle Refinishes, Solera to Enable Data-Driven Sustainability
      • Weekly Recap: BASF, ColorVision and Ennis Flint by PPG Top This Week’s Stories
      • AkzoNobel to Sell AkzoNobel India to JSW Group
      • PPG Revitalizes School in France as Part of COLORFUL COMMUNITIES 10-year Celebration
      • Safic Alcan to Distribute Evonik Functional Silanes in Central Eastern Europe
      View Breaking News >
      CURRENT ISSUE

      May/June 2025

      • Aerospace Coatings Market
      • Energy Curing and Coil Coatings
      • Lab/Testing Equipment Update
      • High Performance and Special Effect Pigments
      • View More >

      Cookies help us to provide you with an excellent service. By using our website, you declare yourself in agreement with our use of cookies.
      You can obtain detailed information about the use of cookies on our website by clicking on "More information”.

      • About Us
      • Privacy Policy
      • Terms And Conditions
      • Contact Us

      follow us

      Subscribe

      Latest Breaking News From Nutraceuticals World

      Gattefossé Opens New Facilities in Mumbai, India
      TSI Group Unveils myHMB + Vitamin D Logo
      Indena to Showcase Metabolic, Brain Health Solutions at In-Vitality 2024

      Latest Breaking News From Coatings World

      AkzoNobel Vehicle Refinishes, Solera to Enable Data-Driven Sustainability
      Weekly Recap: BASF, ColorVision and Ennis Flint by PPG Top This Week’s Stories
      AkzoNobel to Sell AkzoNobel India to JSW Group

      Latest Breaking News From Medical Product Outsourcing

      StimLabs's Umbilical Cord-Derived Wound Care Product Released in U.S.
      New Medical-Grade Bio-Based PVC Compounds Introduced
      Croívalve Reports 1st Tricuspid Coaptation Valve Implant in U.S. Feasibility Study

      Latest Breaking News From Contract Pharma

      Neurocrine Bioscience’s CRENESSITY Becomes Commercially Available in the U.S.
      Roche's Parkinson's Disease Drug Misses Primary Endpoint
      PTC Therapeutics Submits Vantiquinone NDA to FDA

      Latest Breaking News From Beauty Packaging

      Weekly Recap: Coty Sells SKKN, Henkel Recall, Awards, & More
      Rare Beauty to Host Pop-Up Event with Sephora UK
      Cloud Haircare Expands to Walmart Stores Nationwide

      Latest Breaking News From Happi

      Cosmetify Names Nikkie de Jager the World’s Most Powerful Beauty Influencer
      Big Lips in the Small Wonder
      L’Oréal’s Bioprinted Skin & Dove’s Deodorant Launch

      Latest Breaking News From Ink World

      BCF Sponsors Parliamentary Event to Engage with Policymakers
      Weekly Recap: DIC Corporation, BASF, Toyo Printing Inks Top This Week’s Stories
      INX International Launches Innova Plus NCF Nitrocellulose-Free Inks

      Latest Breaking News From Label & Narrow Web

      Mexico's Flexopolis adds second Bobst flexo press
      Paramount Labels installs Rotatek Brava 450
      Esko teams with Bobst for smartGRAVURE System

      Latest Breaking News From Nonwovens Industry

      Millie Moon Expands into Walmart
      Alkegen Enters Full Production of EV Battery Fire Protection Aerogels
      Suominen Names CEO

      Latest Breaking News From Orthopedic Design & Technology

      David Thordarson Takes Charge of American Orthopaedic Foot & Ankle Society
      UPM Biomedicals Launches FibGel Injectable Nanocellulose Hydrogel for Medical Devices
      ONWARD Medical Attracts €50 Million in Capital

      Latest Breaking News From Printed Electronics Now

      Weekly Recap: DuPont, SEMI, Sun Chemical Top This Week’s Stories
      ORNL’s 3D-Printed Metal Molds Poised to Accelerate US Auto Manufacturing
      SRI, NSIC are Catalyzing Corporate Innovation in Japan

      Copyright © 2025 Rodman Media. All rights reserved. Use of this constitutes acceptance of our privacy policy The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Rodman Media.

      AD BLOCKER DETECTED

      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker.


      FREE SUBSCRIPTION Already a subscriber? Login