Innovation has become increasingly important in today's markets. Likewise, the need for speed in innovation has become more critical today than at any other time. The consumer has more choices today than ever before. Gone are the days of simply developing a "one size fits all" new product. Gone are the days of 100% ACV for a single new product. Gone are the days of developing brand name equity using three network television stations. Today's market complexities include many different channels of distribution such as: club stores, natural food stores, high end retailers, dollar stores, drug stores, etc. Today's consumers look for much more than just good taste. They look for health & wellness, sustainability, locally grown ingredients, greater convenience, greater variety, etc. Advertising is much more difficult today. Consumers are no longer held captive by three networks. They can surf hundreds of channels, they can avoid a commercial with the click of the remote. They spend as much or more time on the internet today, which didn't even exist until relatively recently. Building awareness of a new product can be much more difficult, since consumers are more difficult to pin down. On the other hand consumer awareness about a perceived negative product or unethical product can spread like lightning across the internet. Consumers expect more and they expect better, when it comes to new products. Therefore, the speed and the quality of the innovation process needs to match the demands and dynamics of today's markets and today's consumers. Today's innovation process needs to be lean, effective and nimble. An effective, lean innovation process is made up of four key elements: the right organization structure, the right type of people to staff it, the right step in the process and the right tools to quickly identify and eliminate waste in the innovation process. In his presentation Dave Duffy touches on each of these elements. He reviews real life examples of how he's implemented them and discusses the successful results.

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