World Changing Ideas – New Product Development at Its Finest (#M4BW)

I always enjoy Fast Company‘s innovation issues. This year’s “World Changing Idea Awards honor the businesses and organizations driving change in the world.” There is always an emphasis on new products and services that make the world a better place — a natural connection to our Marketing for a Better World (#M4BW) theme in the most recent edition of Essentials of Marketing. Winners included:

• Abbott Labs which made a tiny implant that keeps babies’ hearts healthy (see video below)
• Carbon Lighthouse which uses AI which adjusts businesses energy consumption by up to 30%.
• Invest Your Values (I love when the brand name tells you what the product is) is a digital tool that helps employees invest their retirement money in companies that share their values.

These examples can be used across a number of chapters — but may relate most closely to Chapter 8 (goods and services) and Chapter 9 (new product development). The video below (first 2:20) features a few of these companies and might be shown in class.