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Entrepreneurship

10 Key Considerations Before a New Product Launch

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If launching a new product was easy, then everyone would be doing it.

Instead, even as we’ve discovered in our planning for the launch of our new “coffee table” book of infographics, it requires an incredible combination of vision, deliberation, teamwork, and project management expertise to accomplish something that’s never been done before.

And even if you are lucky enough to nail many of those things, external factors can be just as deadly.

Getting a Launch Right

Today’s infographic comes from To The New, and it details 10 key points to consider before any new product launch. While it has a slant towards technology and startup products, many of the points are relevant for any new endeavor.

10 Key Considerations Before a New Product Launch

The fact is: launching a product can be ripe with pitfalls. Mckinsey says the chance of success for a new product is 14%.

That’s why preemptively addressing the most common slipups for new products can be an invaluable step for any prospective entrepreneur.

Ten Areas to Focus On

Here are 10 areas that experts say must be addressed to increase the odds of a successful product launch:

1. Market Analysis
According to CB Insights, 19% of startup failures were as a result of ignoring competition. Instead, the market potential must be properly analyzed and assessed to give a realistic perspective on a product launch.

2. Unclear Requirement and Strategy
If expectations for team members are unclear, then it will have a ripple effect. Product development will be delayed, and it could impact timing and profit potential.

3. Product Roadmap
This high-level plan keeps team members on the same page as product development and the launch are executed.

4. Poor Design
An easy thing to overlook – product design should be tested with extensive user research. Otherwise, users may not be aware of key features.

5. Engineering Best Practices
Following best practices for engineering helps to guarantee the product will be ready and glitch-free come launch time.

6. Poor Project Management
Unrealistic timelines, a lack of communication, and inadequate resource allocation can have a big impact on project success.

7. Funding and Capital
Getting the right amount of capital is key. Allocating it wisely to ensure project success is just as important.

8. Launch Timing
Poor timing can also lead to failure. As a result, project scheduling should be carefully planned and thought out, taking into account possible roadblocks or other adverse circumstances that could derail the plan.

9. Performance and Usability
For software or web-based products in particular: no one wants to deal with long loading times, slow responsiveness, or other usability issues. It’s best to clear these up before the product hits market.

10. Availability and Maintenance
If the product is connected to the web, the team needs to ensure that servers and security measures are taken to ensure uptime and availability.

A Final Note

Even the most powerful corporations are aware of the many potential pitfalls when launching a new product.

It’s why every CEO is so adamant that their organization maintains the focus on their core vision, competitive advantage, and current brand value proposition. If any new product does not fit all this criteria, it’s not worth the risk of the company being distracted. This is true for even the most resourceful and innovative corporations.

Luckily, and consequently, this conservatism that permeates big companies is exactly what opens up the tiny window for you to succeed with your next product launch!

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Entrepreneurship

Craft Beer Boom: The Numbers Behind the Industry’s Explosive Growth

This infographic takes a closer look at the craft beer revolution sweeping across the U.S,. and its far reaching economic impact.

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All movements start with rebellion, and the craft beer revolution is no different.

Born from the frustration of mass-produced beer made from cheap ingredients, entrepreneurs went head-to-head with global brewery giants to showcase local and independent craftsmanship.

Suddenly, drinking beer became less about the alcoholic content and more about the quality and experience. Craft beer allowed for constantly changing flavors, recipes, and stories. With sales accounting for 24% of U.S. beer market worth over $114 billion, the global craft beer movement has been historic.

Which States Bring Home the Beer?

Today’s map from C+R research demonstrates the growth of the craft beer market, by ranking the U.S. states based on craft breweries per capita.
The Rise of Craft Beer in the U.S.

The data for this visualization comes from The Brewers Association—an American trade group of over 7,200 craft brewers, suppliers, and distributors, as well as the Alcohol and Tobacco Tax and Trade Bureau.

According to the data, Vermont has emerged as the craft beer capital of the U.S. with 11.5 breweries per 100,000 people. That’s equal to 151 pints of beer produced per drinking-age adult. Following closely behind are Montana and Maine, each with 9.6 breweries per capita.

You’ll notice that in Southern states such as Alabama, Georgia, and Mississippi, that there are only 0-0.9 breweries per capita. This is actually because of tighter liquor laws—for example, only 10 years ago, it was illegal to sell specialty beer in South Carolina that contained more alcohol content than a typical Budweiser.

Becoming a Brewery Nation

In 2008, there were only 1,574 breweries across the United States.

However, as you can see in the below data from the Brewers Association, the total amount of craft breweries, microbreweries, and brewpubs has climbed to 7,346 in just a decade.

 20142015201620172018Change ('17-'18)
Total U.S.3,8694,6725,6066,5967,45012.9%
Regional Craft13517818620223013.9%
Microbreweries2,0762,6263,2513,9334,52215%
Brewpubs1,6031,8242,1022,3552,59410.1%
Total Craft3,8144,6285,5396,4907,34613.2%
Large/Non-craft4644671061041.9%

Of the three categories of craft beer, microbreweries have contributed the most to recent production growth. Last year, they accounted for 80% of this growth, up from 60% in 2017.

The term microbrewery refers to the maximum amount of beer the brewery can produce. For microbreweries, that number is 15,000 barrels (460,000 U.S. gallons) of beer per year. They also have to sell 25% or more of their beer on site, which is why we are witnessing a surge in breweries that double up as a restaurant or bar.

Comparing this data to figures on larger breweries available from the Breweries Association, it is clear that it is the larger, more established breweries that are feeling the heat. While their growth slows, more small breweries open, and sales are further cannibalized.

The Economic Impact of the Craft Beer Market

When it comes to pure dollars, C+R Research notes that Colorado comes in at #1 with an economic impact of $764 per person. Vermont is at the #2 spot with an economic impact of $667 per person, despite having a higher concentration of breweries per capita.

How do the rest of the states compare?
Economic Impact
The global craft beer market is expected to reach $502.9 billion by 2025—while the craft brewing industry contributed $76.2 billion to the U.S. economy in 2017, including more than 500,000 jobs.

Will Craft Remain a Growth Category?

While many argue that craft beer is approaching its peak, the data is promising. Experimentation with new processes and ingredients will continue to drive the market forward.

Craft brewers all over the world are tapping into the novelty factor by exploring weird and wonderful innovations, like deer antler-infused beer and take-home brewing kits.

While the overall beer market lagged in sales by 0.8% last year, the craft brew category grew by 3.9% using the same measure. Further, craft still only makes up 13.2% in total beer volume in the U.S., meaning there is still plenty of market share to gain.

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Economy

The World’s Most Innovative Economies

What countries have the most innovative economies? This index uses seven equally-weighted variables, including R&D spending and patents, to rank countries.

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The World’s 10 Most Innovative Economies

In the 21st century, innovation has become the heart and soul of economic policy. Developed and developing nations alike are in the race to leave industrialization behind, adapting instead to technology-focused, entrepreneurial societies.

Customized cancer treatment, faux meat products, and the smart home technologies are frequently positioned as ‘the next big thing’. But which countries are consistently innovating the most?

Today’s graphic comes from the seventh annual Bloomberg Innovation Index and highlights the 10 most innovative economies, and the seven metrics used to rank 2019’s top contenders.

Measuring Innovation

Bloomberg calculated each country’s innovation score using seven equally-weighted metrics.

  1. R&D Spending
    All research and development funding invested in an economy each year.
  2. Patent Activity
    Number of domestic patents filed, total patent grants, patents per population, filings per GDP, and total grants awarded measured against the global total.
  3. Tertiary Efficiency
    Total enrollment at post-secondary institutions, graduation levels, and number of science and engineering graduates.
  4. Manufacturing Value-added
    Manufacturing output levels that contribute to exports and domestic economic growth.
  5. Productivity
    Overall productivity levels of the working-age population.
  6. High-tech Density
    Number of domestic high-tech public companies, measured against the number of domestic public companies and the global total of public high-tech companies.
  7. Researcher Concentration
    Number of professionals currently engaged in research and development roles.

More than 200 countries were initially considered for Bloomberg’s Innovation Index. Any country reporting in less than six categories was automatically eliminated, leaving 95 countries remaining. Bloomberg publishes the results for the top 60 most innovative economies each year.

Notable Countries in the Top 60

The U.S. rejoined the top 10 after dropping to 11th in 2018 for low scores in education. Israel moved up five spots to 5th place, while Romania made the largest overall gain, jumping six spots to rank in the top 30.

2019 RankEconomyTotal ScoreChange in Ranking
#1🇰🇷 South Korea87.380
#2🇩🇪 Germany87.32
#3🇫🇮 Finland85.574
#4🇨🇭 Switzerland85.491
#5🇮🇱 Israel84.785
#6🇸🇬 Singapore84.49-3
#7🇸🇪 Sweden84.15-5
#8🇺🇸 United States83.213
#9🇯🇵 Japan81.96-3
#10🇫🇷 France81.67-1
#11Denmark81.66-3
#12Austria80.980
#13Belgium80.431
#14Ireland80.08-1
#15Netherlands79.541
#16China78.353
#17Norway77.79-2
#18United Kingdom75.87-1
#19Australia75.38-1
#20Canada73.652
#21Italy72.85-1
#22Poland69.1-1
#23Iceland68.411
#24New Zealand68.12-1
#25Czech Republic68.093
#26Malaysia67.610
#27Russia66.81-2
#28Luxembourg66.374
#29Romania64.786
#30Spain64.52-1
#31Slovenia64.11-
#32Hungary63.05-5
#33Turkey62.890
#34Portugal62.79-4
#35Greece62.05-4
#36Estonia61.790
#37Lithuania59.73-3
#38Hong Kong58.9-1
#39Slovakia58.03-1
#40Thailand57.775
#41Bulgaria56.360
#42Latvia55.46-2
#43Malta55.43-4
#44Croatia54.98-2
#45Brazil53.62-
#46U.A.E.52.93-
#47Iran52.812
#48Cyprus52.05-1
#49Serbia51.35-5
#50Argentina51.31-
#51South Africa51.03-3
#52Tunisia48.92-9
#53Ukraine48.05-7
#54India47.93-
#55Kuwait47.27-
#56Saudi Arabia47.18-
#57Qatar46.58-
#58Chile46.4-
#59Mexico46-
#60Vietnam45.92-

Brazil rejoined the list at number 45, after not being included on the 2018 list. The United Arab Emirates made the list for the first time, marking the highest debut ever at number 46.

Tunisia and Ukraine were the two countries with the largest losses, which both fell out of the top 50 this year. To date, South Africa is the only Sub-Saharan nation to be ranked in the index.

Newcomers to the Innovation Index in 2019 are some of the largest emerging economies, such as India, Mexico, Vietnam, and Saudi Arabia.

Impact of Global Innovation

Innovation is complex─many factors play a role in the ideation, development, and commercialization of any new technology. And while innovation success can fuel economic growth, it is generally more accessible in high-income economies, where R&D funding is readily available.

“The battle for control of the global economy in the 21st century will be won and lost over control of innovative technologies.”

—Tom Orlik, Bloomberg Economics

The focus of an economy that prioritizes innovation, however, is not simply allocating resources for a group of people─it’s discovering new methods, models, and products that create a better quality of life for society.

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