U.S. Debt, China and Innovation

What does the U.S. debt, the Chinese economy and innovation have in common? More than you think.

Among all the other political stories in the U.S. that consume the media’s attention and many Americans, not much was heard recently about two disturbing trends that will impact the long-term economic well-being of every American household.

First, the U.S. debt has topped the $18 trillion mark. Our total debt equals the total size of the economy and as interest rates rise, as they will, debt service will rise and consume more of the overall government budget. There are two primary ways to solve the problem: Reduce spending or raise taxes both of which are politically unpalatable. Of course if the economy was growing faster, that could also help.

The problem is that U.S. government policies of the recent past, driven by both political parties, are not really pro-growth. Instead, we continue to grow the size of government, government spending and increase debt which will continue to dampen GDP growth. There is a saying that “the road to economic ruin is lined with good intentions”. That may be the path the U.S. is on, unfortunately.

GDPThere is not a starker reminder than the second relatively unreported recent event. Namely, that China has now overtaken the U.S. economy based on purchasing power adjusted GDP: 17.6 trillion for China vs. 17.4 trillion for the U.S. China and the Asian economies in general continue to outpace growth in the U.S. and other industrialized economies. The U.S. may be entering an extended period of low economic growth with little prospect of reversal. Good for China, bad for the U.S.

So what does this all have to do with innovation, you might ask? Periods of high growth make every CEO look brilliant. Many companies can continue to grow regardless of sub-optimal management decisions, including what new products to develop. If you accept the argument that we just might be entering an extended period of low overall economic growth than how a company innovates becomes crucial to business viability not just long-term, but now more likely in the short to medium term as well.

Are you a small to mid-sized manufacturing company and realize that for continued growth in revenue and earnings you must improve your ability to manage innovation and new product development? The Innovation Coach offered by New Product Visions is a unique 4-day group workshop focused on creating or improving an existing new product development (NPD) process.

Spend one (1) day every four (4) weeks for three (3) months away from your daily responsibilities and join other non-competitive businesses struggling with similar problems. Alternatively, attend only the day(s) of interest. The workshop can also be customized for your company and presented on-site.  Learn the key elements of an effective NPD process and how to apply them to your business. The course is accessible and affordable for small to mid-sized businesses, and a cost effective way to quickly learn how to improve your ability to manage innovation and grow revenue and earnings.

And the benefits? Data suggests that only about 18% of senior managers are satisfied with their ability to manage innovation. That means there are significant opportunities to improve the effectiveness of every organization’s abilities to manage innovation, no matter the size of the company. Improving the effectiveness not only means more products to market faster, but just as importantly, choosing and defining more meaningful new products that are more successful when launched.

What do past attendees think of the workshop? Click here for testimonials.

The course will be held at a convenient hotel conference room. 2015 tentative cities and dates include:

City Day 1 Day 2 Day 3 Day 4
Philadelphia, PA Tues, 2/10 Tues, 3/10 Tues, 4/7 Tues, 5/5
Cincinnati, OH Tues, 2/24 Tues, 3/24 Tues, 4/21 Tues, 5/19
Atlanta, GA Thurs, 3/19 Thurs, 4/16 Thurs, 5/14 Thurs, 6/11
Boston, MA Tues, 9/15 Tues, 10/13 Tues, 11/10 Tues, 12/8

Click here for more information and a brochure. Click here for a registration form.

New Product Visions is a consulting company that helps organizations improve the effectiveness of their new product development processes. We specialize in small to mid-sized companies that manufacture highly engineered products. Contact us today about how we might help you!

The Innovation Coach® and Roberts Rules of Innovation® (www.robertsrulesofinnovation.com) are the property of Brands & Company, LLC of Stuart, FL and licensed to New Product Visions. Roberts Rules of Innovation provide the framework for the 4-day Innovation Coach workshops presented by New Product Visions. 

Specialties: NPD consultants, new product development consulting, developing new products, new product development seminars, small business consulting, new product development expert, product development process, new product development strategies, integrating NPD for mergers & acquisitions, organizing for innovation, management role in NPD, project risk analysis, innovation management

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