393: Tech-driven vs. market-driven innovation

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Product Mastery Now with host Chad McAllister, PhD.

The podcast is all about helping people involved in innovation and managing products become more successful, grow their careers, and STANDOUT from their peers.

About the Episode: 

Today we are exploring technology-driven vs. market-driven innovation. I want to set up the topic for us a bit. There are times that a technology comes first and later a problem associated with a market need is found that the technology addresses. Examples include the glue that made 3M’s Post-it-Notes possible 7 years after the glue was invented, an electric actuator Caterpillar invented that went unused until they later created a digger that couldn’t use their standard hydraulics platform, or the magnetic research my daughter is doing as a physics student, studying spin wave properties, for applications that are yet to be discovered.

However, I find market-driven innovation is more common—the wants and unmet needs of customers are first discovered and then solutions are considered. This is the innovation process seen in the Jobs-to-be-Done methodology and described in many books including The Innovator’s Method.

To help us compare and contrast these approaches, Dr. John Cooley is with us. John has five technology degrees from MIT, starting with dual bachelors in electrical engineering (EE) and physics and including a PhD in EE. He founded Nanoramic in 2009 and now serves as the Chief of Products and Innovation. Nanoramic is a nanocarbon composites engineering company, currently working on electric vehicle batteries by reducing their costs while increasing their energy density (more energy in smaller and lighter batteries) and at the same time providing rapid charging.