The probability of success is quite low

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Brainstorm about new products or services that you have thought about and would like to see on the market. Keep in mind that it is very difficult to see a new product succeed in the marketplace. The data suggest that the probability of success is quite low. Whether in large innovative companies like 3M or in an individual’s garage, many products have made it all the way through research, patenting, design, and small production runs only to fail in the end. Think about books. If 400,000 are written annually in the U.S. alone, how many sell more than 100 copies? More than 1000?

Reference no: EM131273584

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