Best Innovation Practices from a New Business Development Perspective

New Business Development is closely integrated with Technology R&D, Intellectual Property, and Human Resources functions.

Background specific to those working in New Business Development is offered below:

1. Make Sure Your Company Will Fund Your New Business Development Proposals:

• Your Proposals have to align with your Company’s Business Direction.
  • Read about how Clear Company Vision, Mission, Goals and Values Are Critical for Business Success
• Your Proposals have to align with your Company’s Strategic Plans.
  • Read about environmental and global business Factors that Affect Strategy Development
  • Read about the various forms of Strategic Business Planning to select the one that will make you most successful at your company

2. When You Start Your New Business Development Project, Run It Well:

• Run your project consistent with how your company behaves.
  • Read about New Business Development Processes and Organizational Designs

3. As Your Project Progresses, Keep Your Eyes Wide Open:

• Make sure you know what your suppliers, customers, and competition are doing.
  • Read about how to manage Competitive Intelligence Projects

4. When Your Project Needs More Resources:

• Consider external sources of support
  • Read about how to Access External Technology

5. As Your Project Proceeds, Understand How Your Senior Management Will Evaluate You And Your Project:

• Know how they and your Company’s shareholders measure success
  • Read about Measurement of New Business Development and R&D and for Executive and Shareholder Use