The Role of Design in Bringing Innovation to the Marketplace
Design is the sticky glue that holds and provides context for the multiple disciplines required to develop solutions to the difficult problem of addressing unmet, poorly articulated customer needs. Design may serve as a proxy for innovation or subsume it, depending on the vantage point selected. In both cases, it has the power to drive the firm forward and become the platform for its growth strategy. Not just design but ‘design thinking’ is able to address the anti-innovation, in-grained behavior expressed by some firms, as an antidote to inertial-laden, risk mitigation thinking, as an improved vehicle for driving corporate progress. In this sense, it is the new frontier for creating a competitive advantage, especially when capital, labor, and a continuous influx of external innovations are readily available. Economically, it resides within total factor productivity (TFP), the special sauce that improves the efficiency of companies and countries as they seek to compete on a global scale.
KeywordsTotal Factor Productivity Vacuum Cleaner Design Thinking Great Product Innovation External Innovation
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