I had lunch with an innovation expert in food – originally from Sweden, he has now worked for some of the top American brands of food. The 1981 US government food pyramid turned out to be all wrong, and there is increasing pressure of nutrition today, which includes putting cheap ingredients in food (i.e., pink slime). He believes that food needs to change in the next 15 years like cars have in the past 15 years.
My takeaways:
- Innovations need a timeframe – short, medium and long term strategies
- Innovations take time – need to coordinate with procurement, marketing, operations, etc
- Need external partnerships (i.e., suppliers) to help innovate instead of all “in house”
- Find the price point/value for new innovations
Does your innovation have a time frame, external partnership, or a customer value price point?
