Running head: INNOVATION AND ENTREPRENEURSHIP 1

Innovation and Entrepreneurship

Name

Institutional Affiliation
INNOVATION AND ENTREPRENEURSHIP 2

Innovation and Entrepreneurship

The key Stages in the development process, starting at the initial brief to the final selection

of the three business cases

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

business formation projects and formulate the knowledge sharing process.

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

resulted in its success