Allocating time for new product development

New product development is the best way to reap first mover advantage. Time has to be budgeted for new product development. While many traditional companies have their own R&D teams, there are fast moving IT giants who have outsourced innovation to smaller, less expensive, outside teams. They have vice-presidents of External Innovation. Whatever the strategy may be, time has to be allotted for New Product Development. A lack of resources can result in extraordinary innovation • Toyota’s Kanban system of Just In Time management was the direct result of acute space shortage in Japan. • Holland with limited land and water resources became the foremost exporter of cut flowers, capturing a major share of the market. They grow flowers on rock wool and recycle all the water.