Developing New Nanotechnology Products

Summary form only given. Many new products are designed, developed and commercialized that never sell. The most critical factor for new product success is the existence of a competitive opening. A competitive advantage, such as patent protection, is a necessary component for maximizing profits but it is not sufficient. A successful product solves a real problem at a price the market will bear. This paper will describe the difference between innovation and invention. It will explain terms such as opportunity analysis, concept definition, influencing factors and describe the difference between a product feature and a customer benefit. Several decision making tools useful for the inventor will be introduced. This paper provides insights to how nanotechnologies are the same and different from other technologies with respect to requirements for new product success.