On my experience the best basic practice is to have REALLY REALLY clear the following, since the beginning: WHAT we are developing: just a product, or a well planned, well done SOLUTION for the consumer WHO is going to BUY your product, WHO is going to USE it (or when it was done wrong, WHO will "suffer" such product, or WHO will never use it because of the price, distribution, etc...) HOW MUCH is your BUDGET and the objective PRICE at the market (believe me, both quantities decrease as project advances) WHEN will it be launched.... yes, science and engineering make you think magic is possible... but it is a thought, what is really useful is objective data

Strategic resource allocation is a critical driver of product innovation and growth, encompassing not just human capital but also financial investment, time, infrastructure and technology. Key considerations include: 1. Balanced Planning - Optimally distributing resources between incremental improvements and disruptive innovations. 2. Market-Aligned Prioritization - Allocating resources based on opportunity market analysis to maximize ROI. 3. Staggered Allocation– Phased distribution. 4. Cross-Functional Optimization - Seamleass collaboration 5. Data-Driven Decision-Making – Eisenhower Matrix and cost-benefit analysis for prioritization. 6. Agile Resource Management- adapting evolving consumer & technological landscape.

Strategic resource allocation in innovation isn’t just about budgeting; it’s about ensuring every investment accelerates your company’s progress. The key is balancing exploration and execution. Start by optimizing your technology scouting, 50% of efforts should focus on identifying breakthroughs, while the other 50% should be dedicated to transferring and adopting solutions across departments. Eliminate inefficiencies by aligning innovation goals with business objectives and fostering collaboration. Avoid resource hoarding, invest only in tools and partnerships that directly contribute to measurable outcomes.

To make product innovation more than just talk, you've got to put your money where your mouth is: Bet on what's worthwhile: Forget spreading your resources thin across a thousand projects. Focus on the ones with the most potential and that truly solve customers' problems. Prepare the team: It's not enough to have good ideas; you've got to give employees the tools and training they need to bring them to life. Be agile and flexible: The market is constantly changing, so you've got to adapt. Use agile methodologies and don't get stuck with fixed budgets. Measure and learn: Don't rely solely on gut feelings. Set clear indicators and analyze the results to see what works and what doesn't.