Professional Documents
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Innovation and Entrepreneurship
Innovation and Entrepreneurship
Name
Institutional Affiliation
INNOVATION AND ENTREPRENEURSHIP 2
The key Stages in the development process, starting at the initial brief to the final selection
According to the standard process of a new product, the process of development begins
with the idea of the formulation. It is then followed by formulation of the concept, development
of the product marketing test and the international marketing. In the first stage, the Philips plans
for innovation and future growth followed the above model. The main aim was to channel new
information and products and create growth. The stage of ideas encompasses a vision team,
Philips lighting new business creation group and the automotive project. The second stage was
the formulation concept. The Philips finished the stage with actual deliverables. Theses
deliverables clarified the extent which could deliver ten percent top line growth, forms new
The third stage involves developing the project or their product. It was achieved by
involving thirty-two colleagues to monitor the project. The project encompasses the seminars,
workshops, and research. The project thought was the lighting future. It aimed at delivering the
innovation and new growth. The last stage didnt encompass marketing just like the normal
process of the product. It concerned the implementation of the ultimate product. These projects
were put to work for some years and the results were promising. At the end of the year 2005,
1800 individuals took part in this kind of the project. Three base documents were in print and
twenty-five patents were then filed. Each and every product, project and service contain
development process. From the Philip project, the new development process of the product