why is new product development important,”BCG survey: global innovators generated a 12% premium in past 3 years over non-innovating competitors, and 2% over the past 10 years (a period with several recessions!!)Conference board Study: 72% of CEOs said innovation was a top strategic priority; only 55% were satisfied with their financial returns from innovationIn many industries >50% of sales comes from products introduced in the last 5 years (e.g., electronics, autos
telecommunications)>95% of new products fail to achieve an economic return”