Product innovation begins with an idea and
ends with the successful launch of a new product. The steps between these points can
be viewed as a dynamic process. Stage-Gate® divides this process into
a series of activities (stages) and decision points (gates).
Stages are:
where the action occurs - the project team completes key activities to advance the
project to the next gate
cross-functional (there is no R&D or marketing stage) and each activity is undertaken
in parallel to accelerate
speed
where risk is managed - vital information is gathered - technical, market, financial,
operations - to manage risk
incremental - each stage costs more than the preceding one resulting in incremental
commitments. As uncertainties decrease, expenditures are allowed to rise and risk is
managed
