Product managers always feel the pressure to grow their business through innovation. When they can successfully create competitive differentiation, fill a gap in product technology or offer a more complete solution, they can drive business growth and gain market share.
While innovation is key to business growth, so is time-to-market. That’s why smart product managers consider all their options for their innovation strategy. Should they develop the solution in-house? Buy it? or would it be best to partner with another company?
Choosing the right strategy is difficult. Making the decision to build, buy or partner will test every strand of your company’s fabric. Each avenue has ample benefits and risks, so the decision must take into account all aspects of your company and its strengths and weaknesses.
The decision requires a thorough understanding of your market, your competition, your current customers and, most importantly, those who have not chosen to be your customer.