Breakthrough products, also referred to as pioneers, are items, which are technologically and creatively superior to existing products in the market.
Simply put, these products fulfill customers’ needs to a greater degree than existing products do while being more innovative and technologically advanced.
Examples of Breakthrough Innovation
Breakthrough usually comes in two major forms. It can either be a new business model that uses existing technology or new technology that depends on existing business models. Some of the breakthrough innovations, which are harnessing new business model and technology, include:
- Dollar Shave Club
- The iPhone
Why Breakthrough Matters
In the current age of innovation, there are a lot of emergent-based platforms. Combined with people’s understanding of new models and easy access to capital or information, the ground is ripe for breakthrough innovations to reshape many sectors.
Breakthrough innovations will impact many industries in the next ten years, and as far as development is concerned, the offense is the best defense.
However, the most interesting part is that while there have been big winners, which pioneered most technologies, like the CNC machine, a big part in the economic value comes from the compounding effect of disruptive and big innovation platforms applied to reshape specific markets.
Effects of Breakthrough Products
Breakthrough products revolutionize competition and establish new markets. These products enjoy the benefit of being a first-mover in the marketplace. While every breakthrough product is the first mover, it might not succeed in the market in the long run.
In most situations, imitation products can identify the weakness of breakthrough products and use them to gain an advantage in the market. This situation leaves significant room for new products to refine designs and provide lower-priced competitive items, which can offer a lot of benefits than the original.
Impactful Solutions on the Rise
The future of designing breakthrough products seems uncertain, particularly if you consider the advent of Big Data, Artificial Intelligence, Machine Learning, and other complex innovations or solutions that guarantee to change all aspects of being product designers.
Even so, one thing is certain – product designers may use a list of invaluable tips to ensure they come up with design ideas, which can stand the test of time.
Ideas for Designing Breakthrough Products
Designing new products for your company, whether it is the latest addition to a long-running business or a basis for new startups, is exciting yet challenging. As a matter of fact, designing is a new chance to establish a new line of revenues and redefine your business, though it also requires creative thinking.
In addition to that, you will have to consider breakthrough products from a liability standpoint and even predict every way they might be misused to compensate for them.
Luckily, there are a few tips, which you may use to overcome those challenges, increasing your productivity, sparking creativity, and allowing you to apply the thoroughness you require to finish breakthrough products in real-time. Some of these include:
- Using the best software
- Embracing and visualizing new ideas
- Understanding the market
- Planning the process
- Working with the right people
The Bottom Line!
It is unavoidable that all companies should be out there battling for a market share. However, you don’t want to be in a situation where competition is very stiff that potential upsides are eroded away in the process.
To avoid this, you should strive to establish an economic moat, which gives you a sustainable competitive edge over time.