The primary purpose of this course is to provide students with an in-depth understanding of state-of-the-art practices in new product/service innovation, with an emphasis on the early up-front stages of the innovation process using Design Thinking methods. Topics covered include: design thinking, stage-gate and agile innovation processes, opportunity identification, qualitative and quantitative agile design research methods, idea generation and screening, new product concept prototyping, concept testing and optimization, new product forecasting (including innovation diffusion models and simulated test markets), brand extendibility, new product launch plans, and business cases. A series of group projects enables students to apply these tools on an actual client “lab” project.

This course covers tech, consumer, and business-to-business products and services (with an emphasis on tech and consumer products/services), including examples from mobile apps, e-commerce, food and beverage, household consumer products, mobile devices, telecom, consumer durables, software, medical products, and financial services.

• Group projects are real-world innovation projects from leading company sponsors across a range of industries. Student teams work closely with their clients, under the guidance of a faculty coach, to uncover unmet customer needs, generate ideas, develop new product/service concept prototypes, test those concepts quantitatively with a representative group of target consumers using a professional market research firm, and make recommendations to their clients. Expect to spend ~10 hours/week outside of class.

Winter 2023 Timeline

• A webinar will be held over lunch on Tuesday October 25 to give details about the class and application process.
• Applications are due by midnight on Wednesday October 26
• Acceptances are announced on Tuesday November 1.

Business 37000: strict (can be taken concurrently). No non-Booth students, including Dougan Scholars. Application and acceptance into course required. Course cannot be dropped once enrolled. Cannot be taken if 37200 “New Products and Services” or 37810 "New Product Development" has already been completed.

This course includes a text, case studies, and readings from practitioners and academics. I make every effort to invite one or more practicing product developers as guest lecturers. Students use online platforms from several leading agile market research vendors. This course emphasizes the practical application of new product innovation theory.

100% of grades are based on three group projects that take a new product from opportunity identification through concept development and testing, and final recommendations. Group work is extensive in this course, and peer evaluations impact grades for each group assignment. Students should expect to meet with their groups multiple times each week and speak with their client every week. Class attendance is mandatory. Students must apply for the course. Once accepted into the course, it cannot be dropped. Any drops result in major complications with clients.

Cannot be taken pass/fail. No auditors. Provisional grades are given subject to timely completion of assignments.