The importance of new product development (NPD) for enterprises can hardly be over-emphasized. If enterprises want to excel in new product development, they need to solve their engineering, research, and development (ER&D) challenges.
No one organization can provide all the capabilities needed for ER&D. As a result, an ecosystem approach is emerging to help solve the challenges highlighted above. We explored one such approach in which a mid- size ER&D provider collaborated with a university R&D center to solve clients’ complex ER&D needs.
In this approach, enterprises can reimagine their new product development process by splitting the work and outsourcing some chunks to engineering service providers and universities.