Innovation doesn’t come easily to most large companies. Yet some big players in nearly every industry are able to turn out one successful new product after another.
Take consumer goods. Unilever, already a leader in the category, launched more than 10 times as many new products in 2012 as it did a few years ago. Unilever’s average value per project increased 75% over the past few years while time to market decreased between 25% and 50%. The company is quick to adapt new products to consumer tastes when necessary. For example, an initiative in its Hindustan Unilever unit encourages employees to buy new products at steep discounts and then provide quick feedback, thus acting as in-house beta testers.
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